More moisture for spring wheat belt

Market Line June 13, 2011 Grain traders will get an update from USDA on spring wheat planting progress after the market closes today. Of course wet conditions have been the issue in the northern plains into Canada and Allen Motew of QT Weather for the Linn Group doesn’t see much relief.

Motew: “A much wetter scenario for parts of Montana, southern Alberta, into the southern Canadian Prairie including eastern Saskatchewan, right across the grainbelt of Manitoba and as I mentioned over Montana, North Dakota, South Dakota, Minnesota, Nebraska and Iowa.”

Wheat futures were mostly lower Friday on outside pressure. July and September at Chicago were higher as traders tried to narrow the discount of wheat to corn.

On Friday Chicago July wheat up 14 ¼ cents at 7-59 ¼. July corn up 1 ½ cents at 7-87. Portland soft white wheat was called steady to weak at mostly 7-78. Portland club wheat also 7-78. New crop August white wheat steady to a nickel lower at 7-75 to 7-92. Hard red winter 11.5 percent protein two to three cents lower at mostly 9-28. DNS 14% protein down sixteen cents at 12-21.

Traders are of differing opinions about whether cash fed cattle will trade steady or lower this week. Friday cattle futures had strong losses. A strong dollar and lower equities market were cited as well as profit taking. Boxed beef was lower. August live cattle down 195 at 103-47. August feeders down 170 at 123-62. July Class III milk down 16 cents at 19-61.

I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.

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