Another frost threat for corn helps wheat

Market Line October 6, 2009 Wheat futures were higher Monday. Traders say wheat was a follower of the row crops, particularly corn. The factor there as Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange explains, is frost again in the forecast for the cornbelt this weekend.

Chiodo: “The market feels like in effect, I don‘t know, some corn, I guess it depends on who you talk to, a billion bushels, two. I have even heard some estimates as high as 2 ½ to three billion bushels not fully mature, at least at the time of this frost threat coming through, or at least forecast for next weekend.”

Weekly export inspections for wheat at just over 18 million bushels were close to the weekly average needed to meet USDA export projections.

On Monday Chicago December wheat was up 1 ½ cents at 4-42 ¾. December corn up 8 cents at 3-41 ½. Portland soft white wheat two to three cents higher at mostly 4-35. Club wheat premium $3.25. HRW 11.5 % protein two cents higher at 5-04. DNS 14% protein up three cents at 6-21.

No Portland barley bids.

Weak fundamentals and continued disappointment over last week’s cash fed cattle prices had cattle futures closing lower Monday. Higher corn was negative for feeder contracts. December live cattle down a dime at 83-90. November feeders down 27 at 93-30. November Class III milk up four cents at $14.

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

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