Minneapolis leads wheat futures higher

Market Line August 17, 2011 Wheat futures closed higher Tuesday with Minneapolis leading the way. A preliminary release on Farm Service Agency 2011 acreage numbers suggested to traders harvested acres will be reduced because of this past spring’s weather issues.

The dry southern plains got some good rain that’s needed for planting winter wheat but USDA meteorologist Eric Luebehusen says it wasn’t nearly enough. And;

Leubehusen: “The overall outlook is not a favorable one for the southern half of the plains. We expect a ridge of high pressure to develop across the western half of the country and that consequently does not bode well for rain chances across the southern plains winter wheat areas.”

On Tuesday Chicago September wheat up 12 ¼ cents at 7-24 ¾. September corn up 6 ¾ cents at 7-14. Portland soft white wheat and club wheat steady to a nickel lower at mostly 6-90. Hard red winter 11.5 percent protein seven to 12 cents higher at 8-60. DNS 14% protein 18 to 23 cents higher at mostly 10-09.

Cattle futures were mostly steady to lower Tuesday. October live cattle did close higher on thoughts of a good cash fed cattle market this week and boxed beef was up a couple of dollars. Euro-debt concerns were cited as a negative. Traders are also thinking of Friday’s Cattle on Feed Report. October live cattle up 75 cents at 120-17. October feeders down 25 at 138-82. September Class III milk up a penny at 19-64.

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

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