Wheat export concerns
Market Line July 22, 2011 Wheat futures had losses in the teens Thursday. The weekly export sales report for wheat from USDA was viewed as sluggish and there are increased concerns U.S. wheat is not competitive on the world market, particularly with Russia back in the export business. The latest U.S. Seasonal Drought Outlook Monitor does not have any good news for the U.S. southern plains wheat belt. Allen Motew of QT Weather for the Linn Group. Motew: “Shows that for the period from now through October 31st spreading of the serious drought across the southern plains. That is Texas, Oklahoma and southern Kansas.” On Thursday Chicago September wheat down 19 ¾ cents at 6-77 ¼.September corn down 8 ¾ cents at 6-79 ¼. Portland soft white wheat and club wheat steady to a dime lower at mostly 6-90. New crop August white wheat five to ten cents lower at 6-80 to 7-03. Hard red winter 11.5 percent protein down 20 cents at 8-06. DNS 14% protein down 19 cents at 10-24. Cattle futures were mixed Thursday. Nearby live contracts were firm on a higher equities market, lower dollar and good beef exports. USDA reported the second largest weekly export volume this year. Gains were limited by the impact of east coast heat on beef demand. August live cattle up 40 cents at 110. August feeders up 27 at 135-20. August Class III milk up 24 cents at 21-10 on higher cheese prices and the heat in the eastern U.S. impacting milk production. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
