Wheat and cattle futures mostly lower
Market Line January 26, 2010 Mondays wheat futures trading was described as listless as contracts posted small losses. There was support early from technical buying and a weekly export inspection report up from last week and at the level needed to stay on pace to meet USDA projections. That was just under 17 million bushels. Peter Georgantones with Investment Trading Services in Bloomington, Minnesota just isn’t optimistic about wheat. Georgantones: “Huge wheat carryouts. Big crops around the world and lousy demand. That doesn‘t make for high prices so I expect wheat to be taken down another 75 cents.” On Monday Chicago March wheat was down a quarter cent at 4-98 ¼. March corn up three cents at 3-67 ¾. Portland soft white wheat steady to a dime higher at mostly 4-78. New crop August soft white steady at 4-65 to $5. Club wheat premium $3.25. HRW 11.5 % protein down a penny at 5-42. DNS 14% protein down a penny at 6-50. No Portland barley bids. A friendly Cattle on Feed Report from Friday helped cattle futures Monday morning but contracts on both live and feeders closed the day lower. Ideas of lower cash fed cattle prices this week was pointed to. Feeders got pressure from the live pit and from profit taking. April live cattle down 37 cents at 90-17. March feeders down 82 at 98-77. March Class III milk down six cents at 14-10. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
