Lower Canadian wheat stocks
Market Line February 8, 2010 Wheat futures were mostly lower Friday. There was some support from Stats Canada’s wheat stocks estimate of 21.6 million tonnes as of December 31st. That was about one million under trade expectations. Late weakness in the dollar helped grains come off their day’s lows and the way the outside markets were Friday Joe Victor of Allendale Incorporated says wheat faired pretty well. Victor: “With crude oil down as much as it was surprising not to see the grains down harder than what they really were, but the other ag softs down. Precious metals down.” Tomorrow morning traders get a new supply and demand report from the USDA for grains. On Friday Chicago March wheat was down 2 ½ cents at 4-73 ¼. March corn down 2 ½ cents at 3-51 ½. Portland soft white wheat steady to a nickel lower at mostly 4-80. New crop August soft white down a nickel at 4-55 to 4-65. Club wheat premium $3.33. HRW 11.5 % protein down four cents at 5-24. DNS 14% protein one to six cents higher at 6-70. No Portland barley bids. Cattle futures closed higher Friday. Bad weather in some central feedlot areas was supportive as were higher dressed basis cash prices. Gains were limited by early strength in the dollar and weak boxed beef. April live cattle up 32 cents at 90-40. March feeders up 70 at 99-67. March Class III milk down two cents at 13-55. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
