Wheat futures up; cattle mixed

Market Line February 25, 2010 Wheat futures posted gains Wednesday. Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange says it was the outside markets that helped.

Chiodo: “Strong market in the crude and a lower dollar gave us some underlying support in the market, especially the corn and the wheat. Wheat has kind of been getting the short end of the spread trade here.”

USDA issues its latest weekly export sales report for wheat this morning. Bangladesh is looking to buy 300-thousand tonnes of Black Sea wheat.

Fed Chairman Ben Bernake told Congress yesterday that the economy still requires low interest rates for an extended period.

On Wednesday Chicago May wheat was up eight cents at 5-13 ¾.

May corn up 7 ½ cents at 3-86 ¼. Portland soft white wheat steady at mostly 4-70. New crop August soft white steady at 4-60 to 4-70. Club wheat premium $3.67. Only new crop August HRW 11.5 % protein bids, up six cents at 5-60 to 5-65. DNS 14% protein up six cents at 6-82. No Portland barley bids.

Cattle futures were mixed Wednesday. Talk that feedlots were willing to accept 92 dollars a hundredweight rather than 93 pressured live cattle but continued strength in boxed beef and muddy feedlots offered support.

April live cattle down 50 cents at 91-92. April feeders down a nickel at 102-42. April Class III milk down a penny at 13-05.

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

Now this.