Export demand focus for wheat

Market Line September 1, 2011 Wheat futures were higher Wednesday except for the spot Chicago contract on large deliveries. Minneapolis was much stronger than the other markets. Rain could hinder the northern plains harvest and apparently there was a short that had to cover. Worries continue about dry weather for winter planting in the southern plains though some rain could fall there over the weekend.

Kevin Craney with RJO Futures at the CME sums up where he thinks wheat stands.

Craney: “Wheat remains well supplied and I think that is kind of a drag on the wheat market. It has enjoyed a short term uptrend here on the back of corn and soybeans but I think the market will pay particular attention to export demand out of the U.S. and really just how much is taken away from the U.S. by the supply in the Black Sea region.”

USDA issues the weekly export sales report this morning.

On Wednesday Chicago December wheat up ¾ of a cent at 7-91 ½. December corn down 7 ¾ cents at 7-67 ½. Portland soft white wheat and club wheat steady at mostly 7-07. Hard red winter 11.5 percent protein mostly 9-25. DNS 14% protein mostly 10-32.

Live cattle futures were lower Wednesday with feeders mixed. Lower boxed beef pressured live contracts as traders await developments in the cash market. End of the month positioning was also cited. October live cattle down 50 cents at 114-02. October feeders down 30 at 132-70. October Class III milk down a penny at 18-62.

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

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