Wheat futures lower; cattle mixed
Market Line July 7, 2011 Wheat futures closed lower Wednesday with a higher dollar, weakness in European wheat prices and talk of the U.S. missing some export business all cited as factors. Jordan bought 150-thousand metric tons of Russian wheat, the first big export sale for Russia since it lifted the export ban July 1st. Egypt is tendering for optional origin wheat with Russia included on the tender list. Jerrod Kitt of the Linn Group at the CME says a main feature of the grains was good weather for the corn crop. Kitt: “It looks like for the U.S. July is going to continue to be non-threatening. Plenty of rain. Rain makes grain. And that is out through the extended outlook for the next two, three, four weeks.” On Wednesday Chicago September wheat down 8 ½ cents at 6-27. September corn down 6 ¾ cents at 6-18 ¾. Portland soft white wheat and club wheat five to ten cents higher at mostly 6-53. New crop August white wheat two to ten cents higher at 6-40 to 6-62. Hard red winter 11.5 percent protein down nine cents at 7-59. DNS 14% protein mixed at mostly 10-37. Live and feeder cattle futures were mixed Wednesday. Analysts say prices are at resistance levels and are waiting for some direction from the cash market. Boxed beef was higher. August live cattle down 40 cents at 112-95. August feeders down 32 at 140-95. August Class III milk down 22 cents at 18-89 on weaker cheese prices. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. ? Now this.
