Wheat and cattle futures regain some losses

Market Line August 10, 2011 Wheat futures were higher Tuesday getting back much of what they lost on Monday. Outside forces were called positive for wheat yesterday triggering short covering and a drop in spring wheat condition ratings from USDA was also supportive.

Egypt is reported to have purchased a cargo of Russian wheat in its tender.

Traders are getting ready for Thursday’s USDA reports on crop production and supply and demand. This will be the first field surveyed estimate for corn production. As for wheat, Phillip Streible of MF Global points to what may be key.

Streible: “The big uncertainty is going to be over the carryover size for the wheat crop. So look for volatile trading here to come.”

On Tuesday Chicago September wheat up 15 ¼ cents at 6-71 ¾. September corn up three cents at 6-78 ¼. Portland soft white wheat and club wheat trended ten cents higher at mostly 6-84. Hard red winter 11.5 percent protein steady to eight cents higher at 7-98. DNS 14% protein mixed at mostly 9-41.

Cattle futures were mostly higher Tuesday. The stock market was cited as supportive. So were better boxed beef prices this week and thoughts cash cattle could trade higher again. October live cattle up 22 cents at 117-82. October feeders up 122 at 135-70. September Class III milk down 11 cents at 20-17.

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

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