Wheat gives back some gains

Market Line February 18, 2010 Wheat futures were lower Wednesday. Traders pointed to a day long rally in the U.S. dollar and profit taking. Funds were sellers in the grains. The market sees weather conditions as generally favorable for the U.S. winter wheat crop and of course in the background are the huge supplies of wheat in the world.

USDA’s weekly export sales report for wheat will be out this morning. Traders may also be watching for reports out USDA’s Outlook Conference today and tomorrow.

On Wednesday Chicago March wheat was down 10 ¼ cents at 4-94 ¾. March corn was down 7 ¼ cents at 3-60. Portland soft white wheat steady at mostly 4-78. New crop August soft white steady to a nickel higher at 4-55 to 4-75. Club wheat premium $3.67. HRW 11.5 % protein 11 to 15 cents lower at 5-47. DNS 14% protein nine to ten cents lower at 6-77. No Portland barley bids.

Cattle futures were mixed Wednesday. Thoughts Tuesday’s run up was overdone pressured live cattle as traders awaited this week’s cash market developments. Higher choice cutouts provided live contract support. Feeders got support from lower corn. Tomorrow is the Cattle on Feed report. April live cattle down two cents at 92-15. March feeders up 60 at 102-92. March Class III milk down 20 cents at 13-31 as cheese prices continued to fall.

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

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