Dollar helps wheat futures; cash sales boost cattle contracts
Market Line December 24, 2009 Wheat futures closed positive Wednesday. Terry Linn with the Linn Group at the Chicago Board of Trade explains the factors at work yesterday. Linn: “In the absence of fresh grain specific news to drive the price action, we once again are taking cues from the outside markets which are supporting the grains with a lower dollar and a strong crude oil trade.” Algeria has reportedly purchased 300-thousand metric tons of wheat from France. Bangladesh is tendering for 70-thousand tons. USDA’s weekly export sales report is expected out this morning. Exchanges close early today and will be closed until Monday, December 28th. On Wednesday Chicago March wheat was up six cents at 5-29. March corn up six cents at 4-04 ¾. Portland soft white wheat steady at mostly 4-85. Club wheat premium $3. Only new crop August HRW 11.5 protein bids which were higher at 5-79 to 5-89. August new crop DNS 14 percent at 6-47 to 6-51. Cattle futures were higher Wednesday as cash fed cattle sold a dollar higher on a live basis than last week and dressed sales were $3 higher. Feeder contracts followed. Feb live cattle up 70 cents at 85-37. January feeders up 102 at 95-45. January Class III milk down 31 cents at 14-21 influenced by cheese prices. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
