Spring wheat crop concerns traders

Market Line August 24, 2011 Wheat futures were higher Tuesday. Talk continued of a smaller northern plains spring wheat crop where harvest is running behind normal. Also there was continued focus on the dry southern plains where moisture is wanted for winter wheat planting but none is in the forecast. USDA meteorologist Brad Rippey says for example that in areas of Texas there have been 80 days of 100 degree heat this summer and no break expected for a while.

Rippey: “Looks like that heat will continue across Texas, Oklahoma and neighboring states all the way through the end of August with the first sign of relief coming, perhaps, around Labor Day.”

Egypt purchased 180-thousand metric tons of wheat from Russia but prices were higher than the last sale.

On Tuesday Chicago September wheat up 21 ¾ cents at 7-57 ¼.September corn up 9 ¾ cents at 7-30 ¼. No August Portland soft white wheat and club wheat bids but first half September bids were $7 to 7-10. Hard red winter 11.5 percent protein mostly 8-81. No Portland DNS bids. Minneapolis September futures up seven cents at 9-50 ¼.

 Cattle futures were mixed Tuesday. There was some outside support from the higher stock market but softening beef prices had traders thinking packers have met retail demand for the Labor Day weekend. The cash fed market has yet to develop this week. October live cattle down 65 cents at 115-05. October feeders down 22 at 134-35. September Class III milk down 73 cents at 17-97 due to a sell off in cheese.

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

Now this.