Winter wheat acreage estimate; cattle on feed numbers
Market Line December 21, 2009- Wheat futures closed higher Friday despite a higher dollar during the session. Traders said a lack of sellers and a winter wheat acreage estimate by Informa gave wheat strength. Informa estimates U.S. winter wheat plantings down four million acres from last year.
On Friday, Chicago March wheat was up 9 ½ cents at 5-28. March corn up ¾ of a cent at 3-97 ¾. Portland soft white wheat was up a nickel to down a nickel at mostly 4-90. Club wheat premium mostly $3.50. Only new crop bids on HRW 11.5 % protein at 5-79 to 5-89. New crop August DNS 14% protein at 6-47 to 6-51. No Portland barley bids.
The USDA Cattle on Feed report came out Friday and USDA livestock analyst Shale Shagum says the feedlot inventory December 1st was down one percent from a year ago.
Shagum: “Placements during November were down 8% and the fed cattle marketed during November were up four percent, but that reflects one more slaughter day in November than last year. Adjusting for that extra slaughter day you are actually down about two from last year.”
Ahead of the report Feb live cattle up 30 cents at 84-85. January feeders up 75 at 94-72. January Class III milk down four cents at 14-76. USDA reports milk production in November was down one percent from November of 2008. USDA also announced it will purchase 60 million dollars in cheese and cheese products for food programs and to help dairy producers.
I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network.
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