Wheat futures mixed; cattle contracts mostly higher

Market Line September 28, 2011 Wheat futures were higher at Chicago and Kansas City Tuesday but lower for Minneapolis spring wheat.

Outside factors were cited as supportive like a break in the dollar and higher equity and energy markets. There as some short covering by funds. Continuing concerns about the dry southern plains and winter wheat planting were mentioned by traders as well as dryness concerns in the Ukraine.

USDA says 26 percent of the U.S. winter wheat crop has been planted compared to the five year average for now of 35 percent.

The International Grains Council is estimating U.S. wheat acreage for 2012 will increase six percent.

On Tuesday Chicago December wheat up a dime at 6-58 ¼. December corn up 4 ¼ cents at 6-52 ¼. Portland soft white wheat and club wheat for October steady to three cents higher at mostly 6-42. October Hard red winter 11.5 percent protein at 8-08. DNS 14% protein for October at 10-09.

Cattle futures were mostly higher Tuesday. There was follow through buying from Monday and contracts continued to benefit from the positive Cattle on Feed Report. A strong stock market was also seen as helping consumer confidence. Feedlots are asking three dollars more for cash fed cattle this week. December live cattle up 92 cents at 120-65. November feeders up 227 at 141-85. November Class III milk down 35 cents at 17-01.

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

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