Dollar up, wheat futures down

Market Line October 29, 2009 Wheat futures were lower again Wednesday with a stronger U.S. dollar continuing to be a prime factor given the highly competitive world wheat export market. Funds were sellers in wheat and other grains.

The Buenos Aires Grains Exchange increased its estimate of Argentine wheat production slightly due to improved soil moisture in recent weeks.

More wet weather is on tap for the Midwest and soft red winter wheat areas where planting has been lagging.

USDA issues its weekly export sales report this morning.

On Wednesday Chicago December wheat was down 8 ½ cents at 4-94 ¾.

December corn down 1 ¾ at 3-69. Portland soft white wheat steady to eight cents higher at mostly 4-74. Club wheat premium $3. HRW 11.5 % protein down nine cents at 5-35. DNS 14% protein eight cents lower at 6-62. No Portland barley bids.

Cattle futures were lower Wednesday as negative outside markets limited buying interest. But Troy Vetterkind for the Linn Group at the Chicago Board of Trade says there was some positive cash news late in the session.

Vetterkind: “Cash cattle markets coming in sharply higher. Up about two dollars from last week and that‘s the reason for cattle to rebound going into the close.”

December live cattle down 17 cents at 86-92. January feeders down 42 at 95-92. December Class III milk down 21 cents at 14-48.

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

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