Higher wheat and cattle futures

Market Line July 20, 2011 Wheat futures were higher Tuesday with Kansas City the strongest market. A weaker dollar and higher corn were cited as factors.

After dry conditions in the spring, European wheat areas are seeing rain which is causing quality concerns.

The U.S. southern plains were dry this year too and talk is beginning about planting conditions there for winter wheat. USDA meteorologist Brad Rippey says the outlook remains dry.

Rippey: “In terms of the rainfall patterns absolutely no relief in sight for the south-central United States. Little or no rainfall in late July and early August.”

Cooler temperatures and even rain are now in the forecast next week for the cornbelt.

On Tuesday Chicago September wheat up four cents at 6-93 ½. September corn up 1 ¾ cents at 6-98. Portland soft white wheat and club wheat steady at mostly 6-93. New crop August white wheat steady to 13 cents higher at 6-85 to 7-13. Hard red winter 11.5 percent protein 17 to 19 cents higher at 8-14. DNS 14% protein steady to a dime higher at mostly 10-38.

Cattle futures were higher Tuesday. Credit was given to outside market forces like a better stock market and higher commodities. The heat wave is also seen as slowing feedlot weight gains if not causing weight loss. August live cattle up 65 cents at 110-50. August feeders up a dollar at 135-57. August Class III milk down six cents at 20-63. USDA reported June milk production in the major states was up 1.4 percent from June of last year.

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

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