Wheat rides corn higher

Market Line August 3, 2011 Wheat futures saw some big gains Tuesday. Robert Chesler of FC Stone says a drop in corn ratings and concerns about yields helped prompted short covering in wheat. Higher corn could mean even more wheat feeding.

Chesler: Vegetative crop condition reports look a lot worse than last year when yields failed to reach 153 bushels an acre. That‘ the mindset of buyers”

Wheat also got support over spring wheat condition concerns, disease problems in North Dakota, and from the potential impact of the continuing drought in the southern plains on winter wheat plantings.

On Tuesday Chicago September wheat up 41 ½ cents at 7-18. September corn up 30 cents at 7-11 ¼. Portland soft white wheat and club wheat down a nickel to up nine cents at mostly 6-92. Hard red winter 11.5 percent protein 37 to 47 cents higher at 8-36. DNS 14% protein up six to sixteen cents at mostly 10-12.

Live cattle futures were mixed Tuesday with feeders lower. Sharply higher corn was negative for feeder contracts. Boxed beef was mixed and there were limited cash fed cattle sold at 110. October live cattle up 25 cents at 118-05. October feeders down 212 at 136-60. September Class III milk down 38 cents at 20-42.

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

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