Big losses in wheat futures and Portland prices too

Market Line June 23, 2011 Wheat futures were back to the downside Wednesday posting some big losses.

Terry Roggensack of the High Tower Report at the CME says fund selling was the big factor.

Roggensack: “Funds stepping out of the way ahead of the big USDA reports next week on June 1^st stocks and on planted acreage, across the board.”

The better weather in Europe, the Ukraine wheat harvest underway and harvest nearing an end in China with a crop bigger than last year were all mentioned by commentators as negatives.

Egypt did announce a tender after the close for optional origin and as well as for U.S. soft white wheat.

On Wednesday Chicago July wheat down 36 cents at 6-38 ¼. July corn down 30 cents at 6-77 ½. No June Portland soft white wheat or club wheat bids. New crop August white wheat 43 to 55 cents lower at 6-80 to 7-02. June hard red winter 11.5 percent protein dropped 33 to 34 cents at 8-25. DNS 14% protein down 23 to 53 cents at mostly 11-11.

Live cattle futures had big losses Wednesday with feeders mixed. Factors cited were profit taking, concern about post 4^th of July beef demand and the general commodity sell off. Traders still thinks cash fed cattle will trade higher this week. August live cattle down 145 at 111-70. August feeders up 17 cents at $138. July Class III milk down 15 cents at 19-92.

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

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