Wheat futures lower; cattle mixed
Market Line February 12, 2010 Wheat futures had moderate losses Thursday. There was some fund selling and the dollar was higher through much of the session. Some commentators said they were encouraged by wheat’s ability to hold and move higher in recent sessions. USDA issued its baseline acreage and crop production numbers yesterday putting all wheat planted area at 55 million acres and production at two billion bushels. Cold temperatures forecast for much of the nations winter wheat belt in the coming days is not expected to harm the crop. Traders have a three-day holiday weekend as exchanges are closed for the President’s Day Holiday Monday. On Thursday Chicago March wheat was down 3 ¼ cents at 4-93 ½. March corn up 1 ½ cents at 3-63 ¼. Portland soft white wheat steady to a nickel lower at mostly 4-80. New crop August soft white unchanged at 4-60 to 4-65. Club wheat premium $3.67. HRW 11.5 % protein one to four cents lower at mostly 5-46. DNS 14% protein four cents lower at 6-77. No Portland barley bids. Cattle futures were steady to higher Thursday. Traders were waiting for cash fed sales to develop. Higher boxed beef was supportive as is the weathers impact on feedlot gains. That winter weather in the east could however reduce beef demand. April live cattle unchanged at 91-55. March feeders up 37 at 101-52. March Class III milk down 18 cents at 13-96. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
