Wheat and cattle futures higher

Market Line March 15, 2010 Wheat futures were higher Friday with a weak dollar cited as a factor. Traders were also said to be positioning for the weekend. U.S. wheat exports are now running above the average pace needed to meet the USDA’s projection.

Joe Victor of Allendale Incorporated is focusing on the spreads.

Victor: “You got to look at the spreads. Look at a spread that is definitely, looking at new crop Minneapolis wheat versus new crop winter wheat. I don‘t care if you are looking at Kansas City or Chicago. But spreads are developing and working very well.”

There were rumors late last week about India exporting a few million metric tons of wheat to make room in storage for this year’s crop.

On Friday Chicago May wheat was up 6 ½ cents at 4-85 ¼. May corn down a penny at 3-64 ¼. Portland soft white wheat steady at mostly 4-60. New crop August soft white mixed at 4-70 to 4-75. Club wheat premium $3.72

HRW 11.5 % protein up a nickel at 5-27. DNS 14% protein nine to 11 cents higher at 6-83. No Portland barley bids.

Cattle futures closed higher Friday with some new contract highs set. A steady to dollar higher fed cash trade was positive. Traders also said muddy feedlots and lower weight gains were behind the rise in prices. Feeders followed live contracts. April live cattle up 127 at 95-10. April feeders up 87 at 105-97. April Class III milk down a penny at 12-78.

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