Mixed wheat futures; cattle contracts lower

Market Line November 4, 2009 Wheat futures closed mixed Tuesday. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says a higher U.S. dollar was a factor.

Hoops: “When the dollar is higher it affects wheat more than any other commodity because wheat is more dependent upon export sales in this time frame and a higher dollar means lower export sales. So wheat was under pressure from the higher dollar.”

While dry conditions predominate in the Midwest this week to help the corn harvest and soft red winter wheat planting, Hoops says moisture is back in the forecast for next week.

Bangladesh is reported to be tendering for 100-thousand metric tons of wheat.

On Tuesday Chicago December wheat was down a penny at 5-15 ¾.

December corn up 7 ¾ at 3-90. Portland soft white wheat up a nickel at mostly 4-85. Club wheat premium $3.25. HRW 11.5 % protein unchanged at 5-56. DNS 14% protein down two cents at 6-64 with guaranteed 14 percent at 6-77. No Portland barley bids.

Cattle future were lower Tuesday. Outside markets were said to have been a major influence as are thoughts that the cash fed market may have topped. Packer margins are poor. Higher corn and premiums to cash were negative to feeder contracts. December live cattle down 52 cents at 85-70. January feeders down 30 at 95-27. December Class III milk up a dime at 14-72 on higher cheese prices.

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

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