The Weather, the weather, the weather

The Weather, the weather, the weather.

I'm Greg Martin with the Market Line Report for July 30, 2012.

Last weeks markets were unprecedented in a lot of cases and according to CME’s Gary Kozlowski there was one reason why.
KOZLOWSKI: The weather, the weather, the weather. A lot of farmers are considering rolling their crops under. They’re almost done for the year. What they’re looking at is they’re going to get a better price out of the insurance rates that they’re getting than what they’re going to get for the little bit of yield they’re going to get.
He says they are looking at the low 30 bushels per acre. Wheat is showing some concern also due to the Black Sea region and in the Ukraine due to a very dry season over there as well so there will be a lot of demand and Kozlowski says that may affect our food prices early next year. Now looking at Friday’s market:
Chicago September Wheat up 14 at 898 even
September corn was up 17 1/4 at 798 1/2
Portland prices for soft white wheat and club wheat were up 14 at mostly 8.79

Hard Red Winter Wheat with 11.5 pct protein dn 4 to up 6 at mostly 9.05

DNS wheat with 14 pct protein up 5 to dn 13 at mostly 10.24

August live cattle were up 1.425 at 119 3/4

August Feeder cattle were up 1 3/4 at 137.750

August class III milk was off a quarter at 17.30

I'm Greg Martin with the Market Line Report on the Northwest Ag Information Network.