Dollar higher and wheat futures lower
Market Line January 27, 2010 Wheat futures lost a few more cents Tuesday. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota has an comments that sounds a lot like Monday’s Georgantones: “Again we are in a position where it is hard to hold rallies. Row crops have been under assault. Too much wheat out there and demand is poor. It is not a good equation for higher prices here especially with the dollar firmer. Stocks are shaky and a lot of commodities have sold off since China announced last week that it was going to tighten credit. I would be looking to sell rallies in this market. I think it is going lower.” The south central Plains are getting rain and that is beneficial to the winter wheat there. On Tuesday Chicago March wheat was down 4 ¼ cents at 4-94. March corn down 5 ½ cents at 3-62 ¼. Portland soft white wheat unchanged to 15 cents higher at mostly 4-88. New crop August soft white unchanged at 4-65 to $5. Club wheat premium $3.25. HRW 11.5 % protein up a penny to down three cents at 5-41. DNS 14% protein two to four cents lower at 6-47. No Portland barley bids. Live cattle futures were lower Tuesday, feeder contracts higher. Concern about seasonal beef demand was a negative and a lot of commentary pointed to thoughts that funds may reduce market participation because of Obama’s bank plan also weighed on the market. April live cattle down 85 cents at 89-32. March feeders up 20 at 98-97. March Class III milk down 15 cents at 13-95. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this. ?
