Wheat futures mixed; cattle higher

Market Line August 23, 2011 Wheat futures were higher at Chicago and Kansas City Monday and mixed at Minneapolis.

There was more talk about the loss of spring wheat acres and La Nina dryness concerns for plains winter wheat planting. In Europe rain in Germany during harvest again raised quality concerns.

Weekly export inspections for wheat came in under expectations at 17.4 million bushels. After the close Monday Egypt tendered for optional origin wheat.

USDA reported the winter wheat harvest 71 percent complete in Oregon, 53 percent done in Washington and 47 percent complete in Idaho.

On Monday Chicago September wheat up 4 ¾ cents at 7-35 ½. September corn up 9 ½ cents at 7-20 ½. No August Portland soft white wheat and club wheat bids. First half September soft white was steady to a nickel higher at 6-95 to $7. Hard red winter 11.5 percent protein up three cents at 8-62.

No Portland DNS bids. Minneapolis September futures were down two cents at 9-43 ¼.

Cattle futures were mostly higher Monday. Commodity market strength generally and a better stock market were cited as positives. Gains were said to be limited by the Cattle on Feed Report which showed record placements during July. October live cattle up 20 cents at 115-70. October feeders up 47 at 134-57. September Class III milk up a nickel at 18-70.

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

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