Long weekend ahead for the markets

Market Line January 15, 2010 This is the last futures trading session until next Tuesday as Monday exchanges are closed for the Martin Luther King Jr. Holiday.

On Thursday wheat futures were lower. The weekly export sales report for wheat was disappointing at only 6.7 million bushels. Traders said it did not look like funds were buying much on what was thought by some to be the last day of rebalancing by the index funds.

Brian Hoops of Midwest Market Solutions expects a slow trade today.

Hoops: “What is likely to happen here, we’ve had some big volume days the past couple of days and now the these markets will move into more of a consolidation, quiet type mode.”

On Thursday Chicago March wheat was down 9 ¼ cents at 5-27 ¾. March corn down three cents at 3-81. Portland soft white wheat steady at 4-72. New crop August soft white steady at 4-70 to 5-15. Club wheat premium $3.25 HRW 11.5 % protein down a dime at 5-67. DNS 14% protein three to seven cents lower at 6-73. No Portland barley bids.

Cattle futures were mostly higher Thursday. The winter weather that reduced feedlot gains in recent weeks and the consequent lower carcass weights has helped wholesale beef demand and packer margins. Cash fed cattle sales were supportive at 85- to 85-50. Feb live cattle up 95 cents at 86-65. March feeders up 37 at 97-35. February Class III milk up two cents at 13-92.

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

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