Another down day for commodities

Market Line February 26, 2010 Wheat futures were lower Thursday which traders attributed to selling across the commodities and stock market on some weak economic data.

Weekly export sales for wheat at 15 million bushels were within expectations but not exciting.

As for today, here are the expectations of Mark Chiodo of Chiodo Commodities at the Minneapolis Gain Exchange.

Chiodo: “Last day of the month. We‘ll see if we get any fire works there. I am not really expecting much but there might be some adjustments as people get ready what looks like a fair amount of deliveries in the wheat and bean oil. It appears crude oil is taking a break so if there is any follow the through there we will probably looks for some more pressure in the grain market. I don‘t see anything dynamic on the horizon.”

On Thursday Chicago May wheat was down a dime at 5-03 ¾. May corn down three cents at 3-83 ¼. Portland soft white wheat steady at mostly 4-68. New crop August soft white steady at 4-60 to 4-70. Club wheat premium $3.67. Only August new crop HRW 11.5 % protein bids down eight cents at 5-52. DNS 14% protein five to nine cents lower at 6-76. No Portland barley bids.

Cattle futures were mixed again Thursday. Cash markets were firm and more winter weather is headed for Kansas feedlots but with boxed beef at ten month highs there are thoughts prices are near a top. A lower stock market provided some pressure. April live cattle down 17 cents at 91-75. April feeders down 22 at 102-25. April Class III milk down 16 cents at 12-89.

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

Now this.