Corn rebound helps wheat

Market Line September 5, 2011 Grain futures on Friday recovered much of the losses suffered last Thursday as traders headed into the three-day holiday weekend. Dryness in the southern plains and in Argentina were cited as supporting wheat futures which also rode along with corn. Jerrod Kitt with the Linn Group at the CME says row crop yields are where the market focus is.

Kitt: “Yield estimates continue to fall and this is a year that our inventories are so tight that every bushel matters.”

U.S. Wheat Associates says the northern plains spring wheat crop is averaging 15.1 percent protein.

The Risk Management Agency says the Harvest price for 2011 crop winter wheat and spring wheat is $6.92 a bushel in the Pacific Northwest.

On Friday Chicago December wheat up 14 ½ cents at 7-75 ½. December corn up 21 ½ cents at 7-60. Portland soft white wheat and club wheat for first half September steady at mostly 7-03. Hard red winter 11.5 percent protein up eight cents at 9-10. DNS 14% protein up 11 cents at mostly 10-28.

Cattle futures overcame that bearish employment report Friday to close higher. There were ideas beef demand might be better this week than expected. Fed cattle sales were slow last week. October live cattle up 120 at 114-80. October feeders up 17 at 132-95. October Class III milk up 12 cents at 18-87.

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

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