NEW YORK - Wheat prices surged back toward 10-year highs on the Chicago Board of Trade on worries about this year's crop not meeting demand. Heavy rains damaged U.S. wheat crops earlier in the season, and in recent news, Canadian growers said they reduced acreage by about 10 percent compared to April, said DTN analyst Gary Wilhelmi.
July wheat futures soared 19 cents to end at $6.0850 a bushel on the CBOT.
July corn slipped 1.25 cent to finish at $3.6150 a bushel, and July soybeans rose 2.75 cents to $8.0700 a bushel.
Beef and pork futures ended lower on the Chicago Mercantile Exchange.
August live cattle fell .63 cent to 88.62 cents a pound; August feeder cattle fell .90 cent to $1.0765 a pound; July lean hogs fell 1.43 cent to 72.67 cents a pound; July pork bellies fell .80 cent to 93.65 cents a pound.
Energy prices deflated after rising a day earlier. Light, sweet crude oil futures for August delivery fell $1.41 to settle at $67.77 a barrel on the Nymex, on predictions that the Energy Department's inventory report would show increases in crude and gasoline stockpiles.
July gasoline futures fell 5.56 cents to settle at $2.2469 a gallon.
Portland Grain Report
Bids as of 11:30 a.m. Tuesday. Subject to change.
Bids for grains delivered to Portland, Oregon during June by rail or barge, in dollars per bushel, except oats, corn and barley, in dollars per cwt. Bids for soft white wheat are for delivery periods as specified. All other bids are for full June delivery.
September wheat futures closed 181/4 to 211/2 cents per bushel higher compared to Monday's closes.
Bids for U.S. 1 Soft White Wheat for June Portland delivery trended eight cents per bushel higher compared to Monday's noon bids in reaction to sharply higher Chicago September wheat futures. Trading was very slow. Supplies of old crop soft white wheat are very limited.
Bids for 11.5 percent protein U.S. 1 Hard Red Winter Wheat for June Portland delivery advanced by 19 to 23 cents per bushel in reaction to sharply higher Kansas City September wheat futures and a higher basis bid by some exporters in order to encourage country selling.
Bids for 14 percent protein U.S. 1 Dark Northern Spring Wheat for June Portland delivery trended 19 cents higher in lining up with higher Minneapolis September wheat futures, although some exporters were not issuing nearby bids for dark northern spring wheat due to light nearby export demand.
Bids for U.S. 2 barley were steady to 15 cents per bushel higher than Monday's noon bids.
Bids for U.S. 2 Yellow Corn were 11/4 to 21/2 cents per cwt lower than Monday's noon bids in reaction to slightly lower Chicago July corn futures.
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U.S. 1 Soft White Wheat - Any protein - Rail/Barge delivered
Jun mostly $ 6.18 , ranging $6.18 -6.22 up 8
Jul $6.17 -6.20 up 9-up 6
Aug $6.14 -6.18 up 10-up 8
Sep $6.16 -6.25 up 5-up 10
Oct $6.19 -6.28 up 4-up 10
U.S. 1 White Club Wheat - Rail/Barge delivered
Jun mostly $ 6.26 , ranging $6.18 -6.30 up 8-up 10
U.S. 1 Hard Red Winter Wheat - (Exporter bids-falling numbers of 300 or better)
Ordinary protein mostly $ 6.30 , ranging $6.25 -6.37 up 20-up 23
10 pct protein mostly $ 6.30 , ranging $6.25 -6.37 up 20-up 23
11 pct protein $6.32 -6.41 up 18-up 23
11.5 pct protein
Jun mostly $ 6.40 , ranging $6.36 -6.43 up 19-up 23
FH Aug $6.27 -6.36 up 19-up 18
LH Aug $6.28 -6.36 up 19-up 18
12 pct protein $6.36 -6.43 up 19-up 23
13 pct protein mostly $ 6.45 , ranging $6.44 -6.46 up 21
13 pct protein - $6.44 -6.46 up 21
Milling Quality Montana Origin
U.S. 1 Dark Northern Spring Wheat (with a minimum of 300 falling numbers, a maximum of 0.5 part per million vomitoxin, and a maximum of one percent total damage)
12 pct protein $6.57 -6.78 up 19
13 pct protein $6.65 -6.82 up 19
14 pct protein
Jun mostly $ 6.86 , ranging $6.73 -6.86 up 19
Aug NC $6.81 -6.83 up 27-up 20
15 pct protein $6.73 -6.86 up 19
Guaranteed 15 pct protein NA
U.S. 2 Barley in dollars per CWT
Unit trains & Barges-export (45 lbs.) $8.0500-8.4500 unch-up 15
Merchandiser Bids-Single rail cars-domestic (48 lbs. or better)
Delivered to Portland NA
Delivered to inland feeding areas NA
FOB inland Country Elevators NA
U.S. 2 Yellow Corn in dollars per CWT
Domestic-single rail cars
Delivered full coast-BN NA
Delivered to Portland $8.4000-8.4250 dn 2.5-dn 1.25
Rail and Truck del to Willamette Vly NA
Rail del to Yakima Valley NA
Truck del to Yakima Valley $8.1875-8.5125 dn 2.5-dn 1.25
U.S. 2 Heavy White Oats in dollars per CWT $9.5000 unch
Exporter offers on Monday night for August shipment FOB vessel in
dollars per bushel:
U.S. 2 or btr Soft White Wheat $ 6.22 up 4
U.S. 2 or btr Western White Wheat $ 6.25 up 4
U.S. 2 or btr Hard Red Winter Wheat, ord.% $ 6.20 dn 1
U.S. 2 or btr Hard Red Winter Wheat, 11.5% $ 6.24 dn 1
U.S. 2 or btr Hard Red Winter Wheat, 13% $ 6.40 up 3
U.S. 2 or btr Northern Spring Wheat, 13% $ 6.59 up 1
U.S. 2 or btr Dk Northern Spring Wheat, 14% $ 6.66 dn 4
U.S. 2 or btr Northern Spring Wheat, 14.5% $ 6.71 dn 2
U.S. 2 Barley NA
U.S. 3 Yellow Corn $ 4.6600 dn 3.25
Exporter Bids Portland Rail/Barge May 2007
Averages in Dollars per bushel
No. 1 Soft White $5.78
No. 1 Hard Red Winter (Ordinary protein) $5.59
No. 1 Hard Red Winter (11.5% protein) $5.66
No. 1 Dark Northern Spring (14% protein) $6.03
No. 2 Barley $4.05Source: U.S. DA Market News Service, Portland, OR
Martha Hansen (503) 326-2237
24 hour price information: (503) 326-2022