Spring wheat futures lead again

Market Line August 18, 2011 Wheat futures were higher again on Wednesday with the best gains again at Minneapolis as traders continued to focus on reduced harvested acres for hard red spring wheat and possibly lower yields than previously estimated. By the way, the Minneapolis Exchanged dropped the requirement that deliveries on spring wheat contracts be only of U.S. origin. That of course means Canadian wheat will now be accepted.

After the close Egypt announced a tender. The weekly export sale report is out this morning and traders are looking for a much higher number than last week.

On Wednesday Chicago September wheat up 2 ¾ cents at 7-27 ½. September corn down 2 ½ cents at 7-11 ½. Portland soft white wheat and club wheat steady at 6-90. Hard red winter 11.5 percent protein one to five cents lower at 8-60. DNS 14% protein one to nine cents lower at mostly 10-07.

Cattle futures had some sharp losses Wednesday. Boxed beef values were up again and traders are still thinking cash fed cattle will trade higher but analysts say positioning for Friday’s Cattle on Feed Report was the main factor. It is expected to be bearish with a large placement number given the drought in the southern plains. October live cattle down 277 at 117-40. October feeders down 247 at 136-35. September Class III milk limit down 75 cents at 18-89 as cheese barrels dropped under two dollars.

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

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