Wheat futures lower; cattle higher

Market Line June 21, 2011 Wheat futures closed lower Monday with the exception of the July contract at Minneapolis. Negatives cited were the improving weather in Europe where wheat prices fell to a six-week low, and the advancing winter wheat harvest in the United States.

Greg Wagner, an independent trader at the CME, called Monday’s trading featureless. There was the weekly export inspections report for wheat but Wagner says it didn’t mean much to traders.

Wagner: “You had wheat exports at 20-million bushels which was within range and basically a none event.”

On Monday Chicago July wheat down 13 cents at 6-59 ¼. July corn up a ¼ cent at 7-00 ½. Portland soft white and club wheat steady to a nickel lower at mostly 7-42. New crop August white wheat down a nickel at 7-40 to 7-45. Hard red winter 11.5 percent protein down four cents at 8-58. DNS 14% protein down three cents at 11-52.

Cattle futures had strong gains Monday. Analysts say traders had a bullish reaction to Friday’s Cattle on Feed report which had fewer placements in May than expected and more cattle sent to market than anticipated. It showed an industry much more current than was previously thought.  August live cattle up 177 at 111-97. August feeders up 285 at 135-50. July Class III milk up two cents at 20-06.

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

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