Not much news for the markets

Market Line December 30, 2009 Wheat futures were lower Tuesday after those big gains of Monday. Terry Linn of the Linn Group at the Chicago Board of Trade says;

Linn: “In another session of light holiday trade there is a lack of fresh news to drive the markets.”

The bearish fundamentals continue to weigh on wheat. One traders says a higher dollar was particularly negative for wheat yesterday since the combination of Monday’s rally and a higher dollar have further reduced the competitiveness of U.S. wheat on the world market. Some traders are reluctant to be long wheat going into the new year.

Although the Plains are seeing some cold temperatures snow cover is considered adequate to protect winter wheat.

On Wednesday Chicago March wheat was down 9 ¾ cents at 5-41. March corn up a penny at 4-17. Portland soft white wheat steady at mostly 4-95.

Club wheat premium $3.25. New crop August HRW 11.5 % protein down seven cents at 5-94 to 6-04. August DNS 14% protein also down seven cents at 6-62 to 6-66. No Portland barley bids.

Profit taking from Tuesday’s run up had cattle futures closing mostly lower Wednesday. The winter weather in Plains and the potential impact on weight gains curbed losses as did ideas the cash fed market will be steady to firmer. Feb live cattle down 25 cents at 85-12. March feeders down 22 at 94-72. February Class III milk up a nickel at 14-15.

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

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