Hard wheat outlook positive
Market Line June 20 , 2011 Wheat futures were mixed Friday. There was some profit taking reported and a weaker U.S. dollar wasn’t seen to provide much support. Traders foresee stiff export competition from Europe and the Black Sea region, but Joe Cusick of Options Express at the CME says; Cusick: “You are going to see that Kansas City and Minnesota wheat could come under some buying pressure due to the lack of supply of that higher quality.” Harvest reports for soft red winter wheat country point to good yields and quality. On Friday Chicago July wheat down a penny at 6-72 ¼. July corn down 1 ¼ cents at 7-00 ¼. Portland soft white wheat and club wheat ten to 13 cents lower at mostly 7-44. New crop August white wheat five to 17 cents lower at 7-45 to 7-50. Hard red winter 11.5 percent protein down three cents to up seven at 8-62. DNS 14% protein four cents higher to 16 cents lower at mostly 11-55. Cattle futures had big gains again Friday on last week’s strong cash fed market. That was ahead of the USDA Cattle on Feed report which pegged the feedlot inventory June 1st up four percent from a year ago, placements last month down 11 percent and marketings were seven percent above 2010. In the futures, August live cattle up 235 at 110-20. August feeders up 267 at 132-65. July Class III milk down a nickel at 20-04 ahead of USDA reporting that May milk production in the major producing states was up 1.5 percent from May of 2010. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
