Wheat futures higher, cattle mixed

Market Line September 29, 2009 Wheat futures were higher Monday after Friday’s big losses. Export inspections were good at 24 million bushels. Outside markets were seen as helpful as well.

Brian Hoops of Midwest Market Solutions says maybe we’ll put the bottom in.

Hoops: “Wheat may be trying to put in a bottom here this week. We are fairly cheap already, $4.50 range for Chicago wheat, may be cheap enough for wheat. We don‘t have a lot of bullish enthusiasm or any information to report but if you look the Commitment of Traders funds are short almost 35-thousand contracts, while commercials are long 52. That might be enough of a catalyst that funds have a reason to buy their shorts back to give us a 30, 40 cent rally in this wheat.”

Iraq has announced it will tender for 100-thousand tonnes of wheat.

On Monday Chicago December wheat was up six cents at 4-55 ¾. December corn up 4 ¾ at 3-38 ¾. Portland soft white wheat steady to down a dime at mostly 4-25. Club wheat premium $3.25. HRW 11.5 % protein six to nine cents higher at 5-14. DNS 14% protein up a penny at 6-08. No Portlandbarley bids.

Live cattle futures were higher Monday getting outside market support and thoughts of a steady to higher cash fed market this week. Feeder contracts were lower on higher corn and seasonal declines in cash feeders. December live cattle up 42 cents at 85-77. November feeders down 17 at 96-55. November Class III milk down four cents at 13-50.

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

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