Several factors pressure wheat

Market Line June 15, 2011 There were more double digit losses for wheat futures Tuesday. Philip Streible of Linn-Waldcot at the CME says there was pressure on the grains as traders awaited a Senate vote on ethanol subsidies.

Streible: “Wheat is also starting to fall with the corn and the beans with that outside pressure as well as that harvest is coming along nicely.”

After the market closed the effort in the Senate to end ethanol subsidies failed.

Better crop weather in Europe and the Black Sea region were mentioned as continuing negatives for wheat. Egypt did buy some wheat for the first time in several months, including 60-thousand metric tons of U.S. wheat.

On Tuesday Chicago July wheat down 11 3/4 cents at 7-31 ¼. July corn down 27 cents at 7-55 ½. Portland soft white wheat five to ten cents lower at mostly 7-65. Club wheat at Portland also mostly 7-65. New crop August white wheat four to five cents lower at 7-65 to 7-83. Hard red winter 11.5 percent protein down 11 cents at $9. DNS 14% protein down 17 cents at 11-96.

Cattle futures were mostly higher Tuesday with feeders posting the best gains with the big drop in corn futures. Live cattle got support from higher boxed beef prices. Traders were still waiting for the cash fed market to develop for the week. August live cattle up 132 at 105-35. August feeders up 247 at 127-25. July Class III milk up 21 cents at 19-98.

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

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