Canadian wheat crop estimate; record feedlot placements
Market Line August 22, 2011 This Wednesday the Canadian government will release an official production estimate for wheat and market traders are expecting an increase from recent estimates. On Friday wheat futures had big gains. A lower dollar was cited. So was the lack of any significant rain event in the forecast for the dry central and southern U.S. winter wheat belt. On Friday Chicago September wheat up 23 cents at 7-30 ¾. September corn up 12 cents at 7-11. No August Portland bids for soft white wheat and club wheat but September was steady to a dime higher at 6-90 to $7. Hard red winter 11.5 percent protein 23 to 24 cents higher at 8-59. No Portland DNS bids. Minneapolis September futures were up 34 ½ cents at 9-45 ¼. USDA’s Cattle on Feed Report Friday pegged the August 1st inventory up eight percent from a year ago and department analyst Shayle Shagum says placements in July were record high, up 22 percent from the a year earlier. The reason; the southern plains drought. Shagum: “With the lack of forage we are simply seeing more cattle placed in feedlots.” July marketings were slightly above a year ago. Ahead of the report cattle futures were mostly higher Friday though cash fed cattle sold lower on the week. October live cattle up a dime at 115-50. October feeders up 37 at 134-10. September Class III milk down 38 cents at 18-65. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
