Still watching outside markets

Market Line March 1, 2010 What will the dollar and other outside markets do this week? Well, Mark Chiodo of Chiodo Commodities says those markets will likely continue to impact grain futures, just as they did Friday when wheat futures posted double digit gains.

Chiodo: “The dollar was down roughly half a point for the half the session here and that along with higher crude and gold spurred some buying and short covering. Eventually we hit some buy spots on the way up. Looks like wheat got there first.”

Lighter than expected deliveries on the March contract was also cited as positive.

On Friday Chicago May wheat was up 15 ½ cents at 5-19 ¼. May corn up 5 ¾ cents at 3-89. Portland soft white wheat five to 15 cents higher on limited bids at mostly 4-78. New crop August soft white steady to a nickel higher at 4-60 to 4-75. Club wheat premium $2.67. Only new crop August bids on HRW 11.5 % protein at mostly 5-65, up 13 cents. DNS 14% protein 14 cents higher at 6-90. No Portland barley bids.

Cattle futures were mostly positive Friday. Cash fed sales last week were mostly steady. Fund buying and position squaring were cited. Feeders were helped by higher live contracts. April live cattle up 17 cents at 91-92. April feeders up 25 cents at 102-50. April Class III milk up a penny at 12-90.

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

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