Grain futures down on dollar and weather

Market Line October 27, 2009 Wheat futures saw big losses Monday. Better harvest weather for the row crops next week was cited as a factor pressuring grains. And Louise Gartner for the Linn Group at the Chicago Board of Trade says a higher dollar did too.

Gartner; “Getting some significant changes and possibly confirming more notable highs and lows as we move forward here. So as the dollar goes much of the commodity complex will go as well and wheat will be caught up in that. The wheat has had a very good run. It looks like we have confirmed an intermediate term low. We will get a pull back here. Probably test the minor range trading breakout we had for about three weeks and then we will take a look at where we go from there.”

USDA reported 76 percent of the U.S. winter wheat planted. The 5-year average is 85 percent. Only 20 percent of the corn crop is in the bin. The five year average is 58 percent.

On Monday Chicago December wheat was down 20 ¾ cents at 5-27.

December corn down 19 ¾ at 3-78. Portland soft white wheat was mixed at mostly 4-89. Club wheat premium dropped to $3. HRW 11.5 % protein down 19 cents at 5-64. No Portland DNS bids. No Portland barley bids.

Cattle futures were mixed Monday. Outside market influence was negative though last week’s strength in cash fed cattle and ideas of tighter supplies this week offered support. Lower corn was positive for feeders. December live cattle down 25 cents at 87-15. January feeders up 20 cents at $96. December Class III milk up seven cents at 14-75.

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

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