Markets closed today

Market Line February 15, 2010 Futures exchanges and USDA Market News are closed today for President’s Day. In last Friday’s trading wheat futures posted five to seven cent losses. Terry Linn with the Linn Group at the Chicago Board of trade says grains were under pressure early.

Linn: “Grain markets at the Chicago Board of Trade started out under pressure following an announcement by the Chinese government that they will be raising bank reserve requirements for the second time this month in an attempt to slow growth and thus demand for commodities.”

USDA’s weekly export sales for wheat was actually positive coming in above trade expectations at 21.2 million bushels, which helped limit losses.

On Friday Chicago March wheat was down seven cents at 4-86 ½. March corn down 1 ¾ cents at 3-61 ½. Portland soft white wheat steady at mostly 4-78. New crop August soft white mixed at 4-50 to 4-70. Club wheat premium $3.67. HRW 11.5 % protein six to seven cents lower at 5-40. DNS 14% protein down six cents at 6-71. No Portland barley bids.

Cattle futures were mostly lower Friday. Cash fed cattle sold for two dollars more than the previous week but analysts say outside markets and profit taking pressured contracts. April live cattle down 77 cents at 90-77. March feeders down 70 at $100.82. March Class III milk down 19 cents at 13-77.

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

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