Grain futures await weather and USDA reports

Market Line October 8, 2009 Winter wheat futures closed higher Wednesday but spring wheat contracts at Minneapolis were lower.

Louise Gartner for the Linn Group at the Chicago Board of Trade says the market seems content to just settle in here knowing there is cold, wet weather coming for the row crops and a USDA production and supply and demand report Friday.

Gartner: “In wheat we are seeing some business picking up here. United States getting a share of that. There was a rumor that Iraq had bought 200-thousand tonnes. That was fairly supportive of wheat. No confirmation of that. Also Saudi Arabia putting out a tender for 550-thousand tonnes. The U.S. has a pretty good chance of participating in that sale as well. It is anticipated they will make an announcement by Friday.”

On Wednesday Chicago December wheat was up three cents at 4-63 ¼.

December corn up 1 ½ at 3-59 ¾. Portland soft white wheat was steady at mostly 4-47. Club wheat premium $3.25. HRW 11.5 % protein four to fourteen cents higher at 5-26. DNS 14% protein down a penny at 6-41.

No Portland barley bids.

Cattle futures were mostly higher Wednesday. There was spillover support from lean hogs and short covering on technical factors. There have been heavy deliveries against the October live cattle contract. December live cattle up 52 cents at 84-07. November feeders up 42 at 93-17. November Class III milk up 18 cents at 14-39.

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

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