Grain and cattle futures move higher
Market Line July 6, 2011 The post-holiday weekend trade saw some good gains for wheat futures. Alan Knuckman with One Stop Option at the CME says wheat continued to build on a key reversal that occurred last week. Knuckman: “You have got to look June. There was at $2.50 drop in wheat in June so we are starting to rebuild from that. We will look to see if we can get back up to the $7.40 level, the resistance from June 29th.” Wheat saw a strong close with talk of yield concerns in France and good weekly export inspections for the U.S. Those came in at 26.1 million bushels which was above trade expectations After the close yesterday the USDA reported the U.S. winter wheat harvest at 56 percent complete, four points ahead of the five year average. On Tuesday Chicago September wheat up 23 ¼ cents at 6-35 ½. September corn up 18 ¾ cents at 6-25 ½. Portland soft white and club wheat five to 15 cents higher at mostly 6-40. New crop August white wheat steady to 13 cents higher at 6-30 to 6-60. Hard red winter 11.5 percent protein ten to fifteen cents higher at 7-68. DNS 14% protein higher by 18 to 28 cents at mostly 10-39. Cattle futures closed higher Tuesday with new highs and new all-time highs. Boxed beef was higher and there was talk of a steady to higher cash fed market this week. Holiday beef demand was seen as good. August live cattle up fifty-cents at 113-35. August feeders up 80 at 141-27. August Class III milk up 28 cents at 19-11. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
