Wheat and cattle futures higher
Market Line August 2, 2011 Wheat futures had modest gains Monday. Rain at harvest in Europe and help from corn were cited. After the close USDA meteorologist Brad Rippey reported the U.S. corn crop condition ratings unchanged from a week ago. Rippey: “July 31st, 62% good to excellent, 14% very poor to poor.” In bearish wheat news, Iran is expected to be self-sufficient in wheat this year and there is even talk of potential exports. Argentina received good rains for its wheat areas. Weekly U.S. wheat export inspections were below trade expectations at 16 million bushels. Winter wheat harvest progress in the PNW shows Oregon just 18 percent complete, Washington at seven percent and Idaho at two percent cut. On Monday Chicago September wheat up four cents at 6-76 ½. September corn up 15 ¾ cents at 6-81 ¼. Portland soft white wheat and club wheat steady to two cents higher at mostly 6-90. Hard red winter 11.5 percent protein up four cents at 8-01. DNS 14% protein up three cents at mostly 9-89. Cattle futures were higher Monday. Cash fed cattle sold about steady last week and ideas show lists are smaller this week have traders thinking about higher cash prices. Good exports are also cited as positive. A tropical storm didn’t relieve the drought in Texas where cattle may continue to move to market. October live cattle up 47 cents at 117-80. October feeders up 47 at 140-07. September Class III milk up 13 cents at 20-80. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
