Wheat futures up; cattle contracts down
Market Line December 23, 2009 Wheat futures had small gains Tuesday after testing some recent lows. An easing of the dollar late in the day helped wheat. Traders said wheat benefited from inter-commodity spreading too. The weekly export inspections for wheat came in within expectations but at about 13 million bushels were below what is needed weekly to meet USDA export projections. And finally, in its last crop progress report of the season, USDA meteorologist Brad Rippey says 95 percent of the U.S. corn crop has now been harvested. Rippey: “We still see a considerable amount of corn to be harvested in a number of states. Starting off with North Dakota, almost one-third of the crop left in the field on December 20th. Other states with still a considerable amount of acreage left include South Dakota with 12% remaining out in the field. Wisconsin also with 12%. On Tuesday Chicago March wheat was up 3 ½ cents at 5-23. March corn down 1 ¼ at 3-98 ¾. Portland soft white wheat steady to a dime higher at mostly 4-85. Club wheat premium $3. No spot red wheat bids at Portland but August new crop HRW 11.5 % protein higher at 5-73 to 5-78. New crop August DNS 14 percent up a nickel at 6-42 to 6-45. Cattle futures were lower Tuesday on technical resistance, some profit taking and little new news for traders to digest. Some cash fed cattle did trade yesterday at prices a dollar higher than last week. Feb live cattle down 90 cents at 84-67. January feeders down 12 at 94-42. January Class III milk down 13 cents at 14-58 as cheese remained under pressure. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
