Double digit losses follow double digit gains for wheat

Market Line February 4, 2010 The gains wheat futures saw Tuesday were taken back in Wednesday’s trading. Joe Victor of Allendale incorporated says the outside markets Wednesday were the reverse of Tuesday.

Victor; “Comes to the tradable commodity funds continue to liquidate and that is primarily again when you look at a higher dollar, weaker energy market, weaker precious metals market, not a good combination.”

USDA issues the weekly export sales report this morning.

On Wednesday Chicago March wheat was down 18 ¼ at 4-69. March corn down 12 cents at 3-53. Portland soft white wheat steady to two cents higher despite the lower Chicago futures at mostly 4-86. New crop August soft white unchanged to down 25 cents at 4-60 to 4-70. Club wheat premium $3.33. HRW 11.5 % protein 19 to 21 cents lower at 5-21. DNS 14% protein 13 to 14 cents lower at 6-62. No Portland barley bids.

Cattle futures closed mixed Wednesday. There was support on ideas of a steady cash fed market this week while a stronger dollar and weak stock market provided pressure. April live cattle up 22 cents at 90-10. March feeders up seven cents at 99-37. March Class III milk up 13 cents at 13-56. USDA reported total cheese production was down in December for the first time in 21 months.

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

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