Watching weather in Russia and the Ukraine

Market Line December 14, 2009 Wheat futures were higher at Chicago and Kansas City Friday, lower at Minneapolis. Wheat was said to be a follower of corn but some commentary pointed to some cold weather expected in Russia and the Ukraine where there is inadequate snow cover for wheat. One grain analyst said 10 to 20 percent of the crop is at risk.

Brian Hoops of Midwest Market Solutions sums up what he expects from grain futures in the days ahead.

Hoops: “You should have some strength the next couple of weeks and then maybe some end of the month, end of quarter, end of the year profit taking. So be on the lookout for that.”

On Friday Chicago March wheat was up a half cent at 5-37 ½. March corn up 11 ½ cents at 4-04 ½. Portland soft white wheat a penny to five cents lower at mostly $5. Club wheat premium $3. HRW 11.5 % protein up a penny at 5-58. No Portland DNS bids. No Portland barley bids.

The U.S Meat Export Federation says U.S. beef exports in October were the highest of the year in volume though they are still below year ago levels.

Cattle futures had strong gains Friday. Buying of live contracts also spurred feeder contracts. Short covering was cited as well as the wintry weather in the plains and its impact on cattle with perhaps more rough weather this week. Feb live cattle up 110 at 83-27. January feeders up 85 at 91-57. January Class III milk up 19 cents at $15.

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

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