Higher wheat and cattle futures

Market Line November 5, 2009 Wheat futures had modest gains Wednesday. Spread unwinding between corn and wheat was cited and Brian Hoops of Midwest Market Solutions says the dollar was a factor. Hoops: "The wheat was strengthened by a real plunge in the dollar falling to its lowest level since October 27th and when the dollar drops that usually most bullish for wheat but usually supportive of all of our commodities." Also positive for wheat were reports out of Australia that its second largest wheat producing state, New South Wales, will harvest about 18 percent less wheat than expected. After yesterday's close Egypt announced an optional origin wheat tender for 55 to 65 thousand metric tons. This morning USDA issues the weekly export sales report. On Wednesday Chicago December wheat was up 5 ¼ cents at 5-21. December corn down six cents at 3-84. Portland soft white wheat steady at mostly 4-87. Club wheat premium $3.25. HRW 11.5 % protein mixed at mostly 5-58. DNS 14% protein seven to 12 cents higher at 6-74 with guaranteed 14 percent at 6-86. No Portland barley bids. Cattle futures were higher Wednesday. Traders think cash fed cattle prices will be firm this week. The higher stock market and lower dollar were also cited. Feeders followed the live contracts and got help from lower corn. December live cattle up 55 cents at 86-25. January feeders up 142 at 96-70. December Class III milk up a nickel at 14-77. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.