Watching weather

Market Line April 5, 2010 Futures traders return from their three-day weekend today. In the last session Thursday wheat futures were higher on what commentators said was short covering and an over sold market. Weekly export sales for wheat were also supportive.

Like many analysts Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange says traders will be watching weather now that USDA’s planting report is out of the way. Also:

Chiodo: “The U.S. dollar is driving us a fair amount on the other side of the ledger. I think between those two I think I would keep an eye on what is going on there. A down dollar is higher commodities and a higher dollar is lower commodities of course, and I am sure that game is not over yet.”

Last Thursday Chicago May wheat was up 4 ¼ at 4-54 3/4. May corn down a half cent at 3-44 ½. Portland soft white wheat steady to two cents higher at mostly 4-63. New crop August soft white steady to a nickel higher at 4-65. Club wheat premium $3.67. HRW 11.5 % protein eight cents higher at mostly 5-12. DNS 14% protein up seven cents at 6-82. No Portland barley bids.

Cattle futures were mixed Thursday but both live and feeder contracts moved higher on the week on lower corn. Cash fed cattle and boxed beef were steady to lower on the week. June live cattle down two cents at 93-52. May feeders down 27 at 112-70. May Class III milk up nine cents at 13-28.

I’m Bob Hoff and that’s Market Line Northwest Ag Info Net.

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