Grain futures give up gains

Market Line November 24, 2009 Wheat futures closed lower Monday after starting the day sharply higher. Louise Gartner for the Linn Group at the Chicago Board of Trade says strong outside markets and a weak dollar were behind the early rally.

Gartner: “But it was energies, when they started to pull back and retrace much of those gains, that was a big part of why the row crops started to buckle and that was a drag on wheat.”

Weekly export inspections for wheat at 15.4 million bushels were called in line with expectations but were under what is needed on a weekly basis to meet USDA projections.

Australia reports its wheat stocks are about double what they were a year ago at this time.

On Monday Chicago March wheat was down 2 ¼ cents at 5-78 ½.

March corn down 3 ¾ cents at 4-03 ¼. Portland soft white wheat five to ten cents higher at mostly 4-95. Club wheat premium $3. HRW 11.5 % protein down three cents at 5-85. DNS 14% protein one to ten cents higher at 7-12 with a ten cent premium on Guaranteed 14 percent. No Portland barley bids.

Cattle futures were mostly higher Monday. Strong outside markets were given credit for most of the buying interest. Seasonal demand for beef is still a concern for traders. Feb live cattle up 40 cents at 85-82. January feeders up 20 cents at 92-87. January Class III milk down a penny at 14-85.

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

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