Gains for wheat futures and more highs for cattle contracts
Market Line December 23, 2010 Wheat futures put up double digit gains Wednesday in light pre-holiday trading. Helping the market was a purchase by Iraq of 100-thousand metric tons of U.S. hard red winter wheat. Tunisia is also tendering for optional origin soft wheat. Additionally there were rumors that Turkey may import up to one-million metric tons of wheat by next spring. USDA’s weekly export sales report is scheduled for release this morning and markets are closed Friday for the Christmas holiday. On Wednesday Chicago March wheat up 18 ½ cents at 7-83 ½. March corn up 6 ¾ cents at 6-09. Portland soft white wheat by rail only steady to 25 cents higher at mostly 7-60 on limited bids. Club wheat premium mostly 17 cents at Portland. Only new crop red wheat bids with hard red winter 11.5 percent protein 17 cents higher at 8-38 to 8-58 and August 14 percent DNS up 12 cents at 9-41 to 9-46. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
Cattle futures continued on their upward path Wednesday. Much of the credit went to cash fed cattle sales in the Plains at 102 to 104 dollars. Spillover from a rally in hogs also helped. Feeders followed live contracts despite higher corn. Boxed beef was lower. February live cattle up 175 at 107-55. January feeders up 32 at 121-67. January Class III milk down eight cents at 13-08.
