Commodities in general lower
Market Line February 24, 2010 Wheat futures were lower Tuesday and so were many other commodities. Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange says a higher dollar was negative as were other outside factors. Chiodo: “Down rather hard in the whole CRB Index. Crude oil backed off. A lot of things going on in the financial world. Summit meeting with Greece and the European Community. Consumer Confidence Index down. All that backed off the financials and eventually weighed on the grains at the end of the day.” First Notice Day for March futures is this Friday. On Tuesday Chicago May wheat was down 9 ½ cents at 5-05 ¾. May corn down four cents at 3-78 ¾. Portland soft white wheat was steady at mostly 4-70. New crop August soft white steady to a nickel higher at 4-60 to 4-70. Club wheat premium $3.67. No spot HRW 11.5 % protein bids but new crop was down a dime at 5-54. DNS 14% protein seven to ten cents lower at 6-79. No Portland barley bids. Cattle futures were lower Tuesday with some analysts saying it is a short-term top in an overbought market. Beef prices however continued to rally and feedlot conditions remain supportive. Cash feeders were steady to higher at Oklahoma City this week. April live cattle down 80 cents at 92-42. April feeders down 70 at 102-47. April Class III milk up a dime at 13-06. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
