Holiday over, trading resumes

Market Line January 19, 2010 Traders return from their three-day weekend today after having seen wheat futures drop nearly 50 cents last week. U.S. wheat is seen as being non-competitive on the world market. Both fundamental and technical factors are said to be weak for wheat.

Brian Hoops with Midwest Market Solutions thinks the grain futures may settle down for a while.

Hoops: “I think we will find some support over the next couple of weeks but it is going to be a sideways pattern. It is going to be a tough go to see this market take hold before it can take off and rally again.”

On Friday Chicago March wheat was down 17 ¾ cents at 5-10. March corn down 9 ½ cents at 3-71 ½. Portland soft white wheat five to 12 cents lower at mostly 4-67 on pressure from futures. New crop August soft white steady to 25 cents lower at 4-70 to 4-90. Club wheat premium $3.25. HRW 11.5 % protein down 15 cents at 5-52. DNS 14% protein down 16 cents at 6-57.

No Portland barley bids.

Coming up this Friday is the USDA’s Cattle on Feed Report. Meanwhile in the last trading session Friday cattle futures were mixed. Cash and boxed beef prices were supportive last week but there was some profit taking. Also cheaper feed was viewed as negative for live cattle down the road. Feb live cattle up 70 cents at 87-35. March feeders up 70 at 98-65. February Class III milk up 33 cents at 14-25 on a jump in spot butter prices.

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

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