Futures wrap up 2011

Notice!  I retired as of December 31st 2011 and Market Line will be done in the future by KayDee Gilkey.

Market Line January 2, 2012 It is a holiday today at the futures exchanges and at USDA Market news. Wheat futures finished up the last trading session of 2011 mostly higher with the exception of Minneapolis contracts.

Weekly export sales for wheat were above expectations and wheat followed row crops higher on continued dry forecasts for South American crops. That is not the only weather traders are thinking about. Lincoln Ellis with the Linn Group at the CME says spring planting in the U.S. is already being thought of.

Ellis: “And a warmer than expected winter thus far across the north and northern plains has led to more wetness and perhaps some worries about planting fields.”

Meanwhile the weekly drought monitor shows the U.S. southern plains remaining in an extreme to exceptional drought.

On Friday Chicago March wheat up 7 ½ cents at 6-52 ¾. March corn up 8 ½ cents at 6-46 ½. January bids at Portland; soft white wheat and club wheat steady to a nickel lower at mostly 6-20. Hard red winter 11.5 percent protein 19 cents higher at 7-72. DNS 14% protein down a nickel at 9-88.

Cattle futures were mostly lower Friday. Not much cash trade had developed by closing time. Long liquidation selling emerged late in the session. Beef exports are over 28 percent ahead of 2010 with more data yet to come in on 2011. February live cattle down 90 cents at 121-45. March feeders down a dollar at 148-80. February Class III milk down 18 cents at 17-43.

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

Now this.