Slight gains for wheat; cattle mostly lower

Market Line January 14, 2010 Wheat futures saw small gains Wednesday after trading lower early in the session. There was some spillover pressure from corn but the winter wheat acreage report from Tuesday was supportive and index funds were doing some buying.

Egypt purchased 180-thousand metric tons of wheat, 120-thousand from Russia and 60-thousand from Kazakhstan, which commentators say shows that U.S. wheat is still too high-priced for the eastern Mediterranean region.

USDA’s weekly export sales report is out this morning.

On Wednesday Chicago March wheat was up 1 ¼ cents at 5-37 ½. March corn down 3 ½ cents at 3-84. Portland soft white wheat steady at mostly 4-72. New crop August soft white steady to up 15 cents at 4-70 to 5-15. Club wheat premium $3.25. No old crop HRW bids. DNS 14% protein mostly 6-78. No Portland barley bids.

Cattle futures were mostly lower Wednesday. Steady to 50 cent higher cash fed cattle sales provided some support. Some fund buying was also positive. Deferred live contracts were under pressure from lower corn on thoughts that would mean more cattle going into feedlots. Feeder contracts saw profit taking. Feb live cattle up 25 cents at 85-70. March feeders down 72 cents at 97-57. February Class III milk up 25 cents at 13-90 on higher cheese prices.

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

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