Plains forecast pressures wheat

Wednesday Sep 14th, 2011 11 Views

Market Line September 14, 2011 Wheat futures posted sharp losses Tuesday. Analysts noted the continued negative impact of USDA’s report on Monday, fund selling, and weakness in corn which saw profit taking.

Another bearish factor was the forecast for rain for the parched southern plains hard red winter wheat belt. Allen Motew of QT Weather for the Linn Group has those details.

Motew: “This severe and extreme drought region is going to get widespread rainfall upcoming here and lasting for Friday, Saturday and Sunday across the region.”

From one to two inches of moisture have been mentioned.

On Tuesday Chicago December wheat down 25 ¼ cents at 7-02. December corn down 22 ½ cents at 7-23. No Portland September bids for soft white wheat and club wheat. First half October was down 16 to 25 cents at 6-70 to 6-99. September Hard red winter 11.5 percent protein 13 to 23 cents lower at 8-45. DNS 14% protein 25 to 30 cents lower for September at mostly 9-72.

Cattle futures were mostly higher Tuesday. There is optimism about the cash markets and boxed beef was higher again. Lower corn was good news for feeder contracts. October live cattle up 20 cents at 119-60. October feeders up 150 at 137-02. October Class III milk up 37 cents at 18-92.

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

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