Daily News Reports »

Bob Hoff Corn futures down and wheat follows
by Bob Hoff, click here for bio

Program: Market Line
Date: December 30, 2011

Click on the play button to listen to report.

Download Report: MK123011.mp3

Market Line December 30, 2011 Wheat futures were mostly lower Thursday. Commentary cited a stronger dollar, year end selling and short covering. There was some rain added to South American forecasts, which pressured corn and as Frank Lesh with Future Path Trading at the CME says;

Lesh: “Wheat of course has been more of a follower than a leader here. Corn leading the wheat around at the present time. We did have some news out of Australia, the western state of Australia with the second highest production number ever there.”

A Russian agriculture official recently said Russia’s grain exports this marketing year would be “no less than 25 million metric tons” but a USDA attache in Moscow said this week those exports look more like 22.6 million.

On Thursday Chicago March wheat down six cents at 6-45 ¼. March corn down 4 ½ cents at 6-38. Portland January bids for soft white wheat and club wheat were to a nickel higher at mostly 6-18. Hard red winter 11.5 percent protein mostly 7-51 with no price comparison. DNS 14% protein at 9-93 with no comparison.

Cattle futures were mostly lower Thursday. Analysts said packer margins deep in the red overcame friendly news on the economy on unemployment and housing, which would be good for beef demand. February live cattle down 80 cents at 122-35. March feeders down 55 at 149-80. February Class III milk up 33 cents at 17-61.

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

Now this.

Recent Reports from Market Line

Click here to see Archived Reports