Spring wheat tour; feedlot and cattle inventory reports
Market Line July 25, 2011 The Wheat Council’s spring wheat tour is being held this week in the northern plains so the market will be hearing yield estimates from that. Friday wheat futures were higher with Chicago leading the way. Terry Roggensack of the HighTower Report at the CME says this was despite lower European wheat prices. Roggensack: “But the market managed to find a good short covering bounce. High priced corn has provided some good underlying support for wheat in general, but wheat still struggling to compete with Black Sea wheat on the world market.” On Friday Chicago September wheat up 15 cents at 6-92 ¼. September corn up 10 ¾ cents at 6-90. Portland soft white wheat and club wheat steady to a nickel higher at mostly 6-86. New crop August white wheat steady to eight cents lower at 6-80 to 6-95. Hard red winter 11.5 percent protein up six cents at 8-12. DNS 14% protein up five cents to down 15 at 10-12. Cattle futures were steady to higher Friday ahead of USDA’s Cattle on Feed Report though cash fed cattle sold lower on the week. August live cattle up 55 cents at 110-55. August feeders up 120 at 136-40. August Class III milk up 22 cents at 21-32. USDA pegged the July 1st feedlot inventory up 3.8 percent from last year, placements up 4.1 percent and marketings up 5.3 percent. The placement number was seen as bearish. The July 1st Cattle Inventory put the nation’s herd down one percent from last year with beef replacement heifers down five percent. ? I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
