Wheat futures up; cattle contracts down
Market Line March 23, 2010 Wheat futures gained a few cents Monday. Traders said fund buying and short covering were early features. Weekly export inspections for wheat were friendly. They were up substantially from last week and larger than expected at nearly 19 million bushels. Floods are cresting this week in the U.S. eastern spring wheat belt with crests expected next week in Canada. Next Wednesday, March 31st, USDA issues its prospective plantings report and Joe Prusacki of the National Agricultural Statistics Service says the survey data is in. Prusacki: “We started, oh, about February 27th collecting data via telephone, mail, personal interview. Also, farmers could report on the internet.” A quarterly grain stocks report will also be issued next week. On Monday Chicago May wheat was up 2 ¾ cents at 4-86 ½. May corn down 3 ¾ cents at 3-70 ¾. Portland soft white wheat steady to a nickel higher at mostly 4-72. New crop August soft white unchanged at 4-70 to 4-85. Club wheat premium $3.67. HRW 11.5 % protein up two cents at 5-32. DNS 14% protein up two cents at 6-89. No Portland barley bids. Cattle futures were lower Monday despite a neutral cattle on feed report Friday and strong cash markets last week. Traders say technical indicators showed the market was overbought, which triggered selling with feeders following live contracts lower. April live cattle down 87 cents at 97-10. April feeders down 122 at 107-45. April Class III milk down a dime at 12-35. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
