Canada seen as high protein wheat premium spoiler

Market Line November 2, 2009 Wheat futures were lower Friday. The sharply lower DOW and crude oil were factors as were drier forecasts for this week which will aid row crop harvesting and soft red winter wheat seeding.

Louise Gartner for the Linn Group at the Chicago Board of Trade says news out of Canada that 78 percent of its wheat is in the top grades of milling quality was also negative.

Gartner: “So looks like Canada may be the stopper in this high protein, high price quality market that we would expect to see down the road, particularly into spring. If they have that much available they certainly will be making it into the export channel.”

On Friday Chicago December wheat was down 9 ½ cents at 4-94 ¼.

December corn down 13 ½ cents at 3-66. Portland soft white wheat three to five cents lower at 4-76. Club wheat premium $3.25. HRW 11.5 % protein mostly 5-35. DNS 14% protein 6-48 with guaranteed 14 percent at 6-61.

No Portland barley bids.

Live cattle futures were lower Friday with feeder contracts just managing to finish on the upside. Outside markets were negative and live contracts were influenced by the expiration of the October contract. Lower corn was good for feeders. December live cattle down 60 cents at 85-67. January feeders up a nickel at 95-07. December Class III milk up 16 cents at 14-87.

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

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