Spring wheat tour reports help wheat futures

Market Line July 28, 2011 Wheat futures were higher Wednesday. The dollar was higher but analysts say traders reacted to reports from the spring wheat tour in North Dakota which said the crop may be smaller than expected. There has also been rain in Europe which might impact the quality of the wheat crop there. Also said to be supportive were ideas of increased wheat feeding due to high priced corn.

The aggressiveness of Russia in export sales has lessened expectations for U.S. sales. The weekly export sales report will be out this morning from USDA.

On Wednesday Chicago September wheat up 10 ¾ cents at 7-04 ¾. September corn up 1 ¾ cents at 6-91 ½. Portland soft white wheat and club wheat steady to a nickel higher at mostly 7-03. New crop August white wheat steady at 6-90 to 7-05. Hard red winter 11.5 percent protein up seven cents at 8-17. DNS 14% protein up 12 cents at 10-14.

Cattle futures were mostly lower Wednesday. Pressure from outside markets, like equities, and lower cash cattle weighed on contracts. Extreme heat in the central U.S. may also have feedlots moving cattle to market quickly without concern for adding weight. August live cattle down 62 cents at 111-07. August feeders down 72 at 135-37. August Class III milk up 24 cents at 21-34 on strong spot cheese prices.

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

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