Good gains for wheat futures; cattle mixed

Market Line February 23, 2010 Wheat futures saw strong gains Monday. Mark Chiodo of Chiodo Commodities in Minneapolis says there wasn’t really much fundamental news to move the market.

Chiodo: “Technically it looks like we just had some follow through from Friday after closing pretty well and technical action pushed the market up here a little bit. Once we pushed out some of that selling it dried up and the only comments I could get out of the pit were lack of selling during the day here.”

The weekly export inspections for wheat did come in slightly above trade expectations at just under 18 million bushels.

The National Weather Service is forecasting a wetter than normal spring for Iowa and the Northwest Midwest.

On Monday Chicago May wheat was up 11 ¼ cents at 5-15 ¼. May corn up 11 cents at 3-82 ¾. Portland soft white wheat steady to a nickel higher at mostly 4-70. New crop August soft white unchanged at 4-55 to 4-70. Club wheat premium $3.67. No spot HRW bids but new crop 11.5 percent protein was up 10 to 12 cents at 5-64. DNS 14% protein eight to nine cents higher at mostly 6-85. No Portland barley bids.

Live cattle futures were mixed Monday with feeder contracts lower. Boxed beef prices were stronger and weather issues with weight gains in feedlots remain. The higher than expected placement number in the Cattle on Feed report weighed on deferred live cattle. Higher corn proved negative for feeders. April live cattle down seven cents at 93-22. April feeders down 82 at 103-17. April Class III milk down eight cents at 12-96.

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

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