Wheat needs some news

Market Line January 6, 2010 Wheat futures closed lower Tuesday. Traders appeared to be more willing to buy corn and beans and sell wheat given the world wheat supply situation. Without some positive news commentators say wheat may not move much higher. Corn is seeing as having more upside potential given increased feed demand from cold weather and the fact there is still corn out in the field. USDA meteorologist Brad Rippey says for example, that North Dakota still has 29 percent of its corn to harvest.

Rippey: “Not quite as bad as you head into other parts of the Midwest but still, seven percent of the corn remains in the field in South Dakota, four percent in Nebraska, just to give an example.”

On Tuesday Chicago March wheat was down 4 ¾ cents at 5-53. March corn up a quarter cent at 4-18 ¾. Portland soft white wheat steady a mostly 5-03.

New crop August soft white steady to a nickel lower at 4-85 to 5-15. Club wheat premium $3.25 New crop August HRW 11.5 % protein down four cents at 6-02 to 6-12. DNS 14% protein for last half January lower at mostly 6-91. No Portland barley bids.

Cattle futures closed higher Tuesday. Cold weather was supporting prices along with technical factors and new money coming into commodities. Steady to higher cash feeder quotes were also supportive. Feb live cattle up 102 at 86-40. March feeders up 42 at 96-75. Milk futures for the first half of the year lost an average of 5 ½ cents with February Class III milk down four cents at 13-66.

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

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