Outside markets negative for wheat and cattle futures
Market Line October 2009 Wheat futures gave back the previous day’s gains Thursday and closed lower. Weekly export sales were within trade expectations but Louise Gartner with the Linn Group at the Chicago Board Trade says there were factors to point to for the down day. Gartner: “We can blame some of that on the financial markets. The dollar was pretty strong throughout the session. The DOW under pressure throughout the session. Saw some weakness in the energies and just a negative atmosphere.” Even though overall U.S. wheat exports continue to run below year ago levels, white wheat exports are running about 12 million bushels ahead of last year at this time. On Thursday Chicago December wheat was down 4 ¾ cents at 4-52 ¾. December corn down 3 ½ cents at 3-40 ½. Portland soft white wheat trended a penny higher at mostly 4-35. Club wheat premium $3.25. HRW 11.5 % protein down seven cents at 5-12. DNS 14% protein four to seven cents lower at 6-28. No Portland barley bids. Cattle futures saw triple digit losses Thursday. Some fed cattle sold on a dressed basis two to three dollars lower than last week, boxed beef was lower and outside markets added pressure to the complex. December live cattle down 115 at 84-97. November feeders down 170 at 94-92. November Class III milk up 28 cents at 13-75. CWT announced it is conducting another herd retirement round, the third round this year. Bids are due October 15th. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
