Outside markets help wheat futures

Market Line February 2, 2010 Wheat futures had small gains Monday. A lower dollar, and higher crude oil, gold and stock market were credited with helping wheat. But the weekly export inspection report from the USDA was good news too. Wheat export inspections came in at just under 18 million bushels, which was above trade expectations and the highest total in many weeks.

There was also short covering on Monday in the wake of the latest CFTC report, which should a buildup in speculative short positions.

On Monday Chicago March wheat was up ¾ of a cent at 4-74 ¾. March corn up 2 ½ cents at 3-59. Portland soft white wheat five to ten cents lower at mostly 4-85. New crop August soft white five to 20 cents lower at 5-45 to 5-65. Club wheat premium $3.35. HRW 11.5 % protein mostly 5-29. DNS 14% protein 6-65. No Portland barley bids.

Cattle futures were lower Monday with feeders showing the largest losses. Some spillover pressure from hogs was noted and traders said USDA’s Cattle Inventory report was viewed as slightly bearish because it showed a few more cattle than had been expected. April live cattle down 67 cents at 88-55. March Feeders down 115 at 97-72. March Class III milk down 34 cents at 13-28.

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

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