Wheat and cattle futures lower

Market Line November 19, 2009 Wheat futures continued to rally early in Wednesday’s session but at the end of the day closed lower. Some firming of the dollar during the day was cited as was profit taking and an increase in farmer selling across the country.

Louise Gartner for the Linn Group at the Chicago Board of Trade says Egypt issued a wheat tender after the close.

Gartner: “Remember last week they bought almost 300-thousand tonnes from Russia. But since then they have been talking about how Russia might not be their preferred seller anymore because of the high bug content but I would presume that Russia is going to make some effort to clean up the wheat before they send it to Egypt considering that Egypt has been such a key market for them.”

On Wednesday Chicago December wheat was down 8 ½ cents at 5-66 ¼.

December corn down four cents at 3-98. Portland soft white wheat was called steady at mostly 4-90. Club wheat premium $3. HRW 11.5 % protein down nine cents at 5-94. DNS 14% protein down 12 cents at 7-15 with a 13 cent premium for guaranteed 14%. No Portland barley bids.

Cattle futures closed lower Wednesday as cash fed cattle sales were reported at prices below last week. That put pressure on both live and feeder contracts. December live cattle down a dollar at 83-07. January feeders down 105 at 91-72. December Class III milk down 19 cents at 14-34. USDA has reported milk production in the major states during October was down 1.1 percent from October of 2008, said to be the largest year-over-year decline since March of 2004.

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

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