Same old song for wheat; a smaller cattle herd
Market Line February 1, 2010 Wheat futures continued to sell off Friday with Chicago posting the biggest losses. As Peter Georgantones of Investment Trading Services in Bloomington, Minnesota explains, it’s the same old tune. Georgantones: “Again, too much wheat out there. Sales are very average. We are not getting any help from the row crops or the dollar. A matter of fact all commodities, the CRB Index couple days ago the chart pattern that was in a positive mode since about last March has sort of given way here. So we are in sloppy territory and not getting much help from the other markets.” On Friday Chicago March wheat was down 13 cents at 4-74. March corn was down 5 ¼ cents at 3-56 ½. Despite lower Chicago futures Portland soft white wheat cash bids were steady at mostly 4-82 on limited country selling and moderate to good exporter demand to meet vessel commitments. New crop August soft white also unchanged at 4-60 to 4-85. Club wheat premium $3.33. HRW 11.5 % protein 8 to 12 cents lower at 5-30. DNS 14% protein mixed at mostly 6-62. No Portland barley bids. In its annual cattle inventory report Friday the USDA said the total U.S. cattle herd was down one percent this January 1st from a year ago. Beef cow numbers were down one percent, dairy cows down three percent. The supply of feeder cattle outside of feedlots was down just slightly. Ahead of the report cattle futures were higher. April live cattle up 17 cents at 89-37. March feeders up 40 at 98-47. March Class III milk down a nickel at 13-62. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
