Strong gains for wheat futures
Market Line September 25, 2009 Wheat futures had double digit gains Thursday despite outside market factors that were negative. Traders attributed the gains to fund buying and short covering. The weekly export sales report also came in above trade expectations at nearly 507-thousand metric tons. Morocco is tendering for 600-thousand tonnes of U.S. wheat about half of which would be soft wheat. Traders have also been watching forecasts for eastern Australia where there is a potential for frost on the wheat crop there. On Thursday Chicago December wheat was up 13 cents at 4-73. December corn up 6 ¼ at 3-36 ½. Portland soft white wheat was up a nickel at mostly 4-45. Club wheat premium $3. HRW 11.5 % protein four to fourteen cents higher at 5-19. DNS 14% protein five to ten cents higher at 6-20. The DNS protein scales are now 25 cents each 1/4 up from 14 to 16 Cattle futures closed lower Thursday as there was no follow through from Wednesday. Optimism about cash fed cattle prices was waning and there was talk of the heavy weight of fat cattle. Feeders followed while also getting pressure from higher corn. October live cattle down 35 cents at 86-10. October feeders down 75 at 97-12. October Class III milk down seven cents at 12-55. CWT says its 8th dairy herd retirement round is over having sent just over 74-thousand cows to slaughter. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
percent protein. No Portland barley bids.
