Outside factors hard on ag commodities
Market Line August 9, 2011 Like most commodities wheat futures posted losses Monday. The impact of outside factors like the S&P down grade of the United States was felt early. There were fears of a slowing world economy and expectations that Russia will continue to be stiff competition in the world’s wheat export market. The USDA did report the sale of 100-thousand metric tons of U.S. hard red winter wheat to unknown destinations. Egypt was also tendering with reports saying they seek up to 60-thousand metric tons of U.S. soft white wheat and also 60-thousand of milling wheat. The weekly export inspection report for wheat was friendly at just over 25 million bushels. On Monday Chicago September wheat down 22 ½ cents at 6-56 ½. September corn down 17 ¾ cents at 6-75 ¼. Portland soft white wheat and club wheat down 15 to 20 cents at mostly 6-80. Hard red winter 11.5 percent protein down 25 cents at 7-88. DNS 14% protein down 23 cents at mostly 9-37. Cattle futures saw triple digit losses Monday with analysts again pointing to European debt problems, U.S. bond downgrading and a lower stock market and the ultimate impact on beef demand. Last week’s strong cash fed cattle market was seen as providing some support. October live cattle down a dollar at 117-60. October feeders down 182 at 134-47. September Class III milk down seven cents at 20-28. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.
