Wheat futures lower; cattle contracts higher

Market Line June 14, 2011 Wheat futures posted losses in the teens Monday. The outlook for more rains in North Dakota with lost spring wheat acres there provided early support but the weather for Europe was bearish. Allen Motew of QT Weather for the Linn Group explains.

Motew: “Numerous fronts and troughs will be passing across west to east, or northwest to southeast across the European scene bringing periodic rainfall and unstable weather for the next two weeks. The systems do move into western Russia too so it brings moisture there.”

Outside market influences were also called negative along with slow export demand.

On Monday Chicago July wheat down 16 ¼ cents at 7-43. July corn down 4 ½ cents at 7-82 ½. Portland soft white wheat five to seven cents lower at mostly 7-73. Portland club wheat also 7-73. New crop August white wheat down a nickel at 7070 to 7-87. Hard red winter 11.5 percent protein seventeen to 22 cents lower at 9-11. DNS 14% protein down six to 14 cents at 12-13.

Cattle futures were higher Monday. Talk of good packer margins and a possible steady cash market this week provided support as did the discount of futures to cash. August live cattle up 55 cents at 104-02. August feeders up 115 at 124-77. July Class III milk up 16 cents at 19-77.

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

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