Trading year wrapping up

Market Line December 31, 2009 Wheat futures had modest gains Wednesday. Terry Linn with the Linn Group at the Chicago Board of Trade says action was about the same as on Tuesday.

Linn: “As the trade positions for the end of the year, end of the quarter and of the month, volume was very light and very little fresh news to trade off of also.”

Some traders expect the funds to be buyers in January. This morning USDA issues its weekly export sales report. Tomorrow markets are closed for the New Year’s Holiday.

On Wednesday Chicago March wheat was up 3 ¾ cents at 5-44 ¾. March corn down 3 ¼ cents at 4-13 ¾. Portland soft white wheat again steady at mostly 4-95. Club wheat premium $3.25. Only new crop red wheat bids at Portland with August HRW 11.5 % protein up two cents at 5-96 to 6-06. August DNS 14% protein up a penny at 6-63 to 6-67. No Portland barley bids.

Taiwan will be reinstating a ban on some U.S. beef imports. That would be on ground beef and offal. Meanwhile, cattle futures were mixed Wednesday. Live contracts got support from some cash fed sales at $84 and ideas boxed beef will move higher into next week. Feb live cattle down seven cents at 85-05. March feeders up 15 at 94-87. February Class III milk down 17 cents at 13-98. The contract has fallen $1.10 in the last 11 trading days.

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

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