Wheat futures mixed; heat hits cattle contracts
Market Line July 15, 2011 Wheat futures were mixed Thursday, higher at Kansas City and Minneapolis and lower in Chicago. Profit taking was cited at Chicago. Weekly export sales for wheat were said to be right in line with expectations with cumulative sales running ahead of the five year average for now. U.S. white wheat exports through July 7th were just under 22 million bushels, up from just under 17 million a year ago. A Russian official suggested his country’s grain crop could increase to 90 million metric tons which is up from the current estimate of 85 million. On Thursday Chicago September wheat down 7 ½ cents at 7-07. September corn up four cents at 6-90 ¾. Portland soft white wheat and club wheat steady to a nickel higher at mostly 6-91. New crop August white wheat steady to three cents lower at 6-75 to 7-02. Hard red winter 11.5 percent protein up three cents at mostly $8. DNS 14% protein three to eight cents higher at 10-39. Cattle futures were sharply lower Thursday. Some cash fed cattle sold lower than last week and traders are still focused on a heat wave that could dampen consumer beef demand and have feedlots rushing cattle to market. The heat has killed some cattle in the plains and it can also reduce weights. Some analysts saw the price action as a correction to the recent run up. August live cattle down 285 at 110-55. August feeders down 297 at 136-92. August Class III milk up nine cents at 19-48. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
