Wheat futures higher; cattle mixed
Market Line December 15, 2009 Wheat futures had modest gains Monday. Outside market support was cited, especially a weaker dollar. The weekly export sales report for wheat came in at just over 13 million bushels which was at the low end of expectations and short of the 17 million needed each week to meet USDA’s export projections for 2009-2010. After the market close USDA reported on the corn harvest and department meteorologist Brad Rippey says not much progress was made this past week. Rippey: “The corn harvest inched ahead just four points from 88 to 92% harvested nationally between December 6th and the 13th.” The trade was looking for the corn harvest to be between 92 and 94% complete. On Monday Chicago March wheat was up 6 ½ cents at 5-44. March corn up three cents at 4-07 ½. Portland soft white wheat steady at mostly $5. Club wheat premium $3. HRW 11.5 % protein up six cents at 5-64. No Portland DNS bids. No Portland barley bids. Cattle futures were mixed Monday. Live cattle got support from higher beef cutout prices and thoughts there is not much more downside potential. Feeder contracts were mixed on some profit taking and contract spreading. Feb live cattle up 67 cents at 83-95. January feeders up 32 at 91-90. January Class III milk up 12 cents at 15-05. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
