Wheat futures higher with hard wheats leading

Market Line July 21, 2011 Wheat futures at Chicago were slightly higher Wednesday while contracts at Kansas City and Minneapolis posted double digit gains. Commentary pointed to concerns about high temperatures in the northern plains that could clip yield potential and tight supplies of protein wheat. A weaker dollar was also supportive.

Jordan purchased 50-thousand metric tons of wheat in their tender which was believed to have been sourced from the Black Sea region.

Brazil is considering reducing its ethanol blend from 25 percent to 18 percent because of tight sugar supplies.

This morning is the weekly export sales report from USDA.

On Wednesday Chicago September wheat up 3 ½ cents at 6-97. September corn down a dime at 6-88. Portland soft white wheat and club wheat steady at mostly 6-93. New crop August white wheat steady at 6-85 to 7-13. Hard red winter 11.5 percent protein up sixteen cents at 8-26. DNS 14% protein steady to 20 cents higher at mostly 10-51.

Cattle futures were mixed Wednesday. The impact of hot weather on beef demand was cited by traders who are also positioning for the Cattle on Feed Report due out tomorrow afternoon. August live cattle down 90 cents at 109-60. August feeders down 65 at 134-92. August Class III milk up 23 cents at 20-86.

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

Now this.