Wheat and cattle futures close mixed

Market Line August 26, 2009 Results of an Egyptian optional origin wheat tender could be known this morning. Last week Egypt purchased some U.S. wheat.

Wheat futures were lower at Chicago and Minneapolis Tuesday with Kansas City contracts higher. Wheat had shown good strength early in the session. In fact, Chicago closed some 16 cents off its high of the day. Louise Gartner for the Linn Group at the Chicago Board of Trade says wheat just couldn’t hang on.

Gartner: “We couldn’t get any traction in corn and beans and wheat finally turning lower as corn and beans also started to gain more momentum to the downside. The crude oil under pressure and that was also a drag on corn and beans and the wheat market just not able to stand on its own.”

On Tuesday, Chicago December wheat was down a half cent at 4-98 ¾.

December corn was down 8 ¾ at 3-26 ¾. Portland soft white wheat five to ten cents higher at mostly 4-80. Club wheat mostly 6-55. HRW 11.5 % protein up two cents at 5-46. DNS 14% protein down two cents at 6-14.

No Portland barley bids.

Cattle futures were mixed Tuesday. There is optimism about wholesale beef demand for Labor Day weekend as well as tighter fed cattle supplies this week. Steady to lower cash feeder sales pressured feeder futures. October live cattle down a nickel at 88-75. October feeders down 32 at 100-12. October Class III milk up two cents at 13-48.

I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network.

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