Weather market rallies grains

Market Line October 7, 2009 Wheat futures saw double digit gains Tuesday and so did cash wheat bids at Portland. A lower dollar was helpful for wheat but it was again called mostly a follower of corn.

Louise Gartner for the Linn Group at the Chicago Board of Trade says the weather impact is rain delaying corn harvest as well as the forecast for a killing frost later this week in parts of the corn belt.

Gartner: “But most of the crop should be fully mature by the time that happens. But the bigger picture is the delayed harvest and the continued problems that‘s creating with all the moisture.”

USDA reported the U.S. winter wheat crop at 26 percent emerged this week, just a point behind the five year average.

On Tuesday Chicago December wheat was up 17 ½ cents at 4-60 ¼.

December corn was up 16 ¾ at 3-58 ½. Portland soft white wheat fourteen to fifteen cents higher at mostly 4-47. Club wheat premium $3.25. HRW 11.5 % protein 11 to14 cents higher at 5-17. DNS 14% protein sixteen cents higher at 6-37. No Portland barley bids.

Cattle futures were mixed Tuesday. Live cattle were helped by an oversold condition and short covering. Weak cash prices and higher corn hurt feeders. After the close there were reports of cash fed cattle sales lower than last week. December live cattle down 35 cents at 83-55. November feeders down 55 at 92-75. November Class III milk up 21 cents at 14-21.

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

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