Seasonals at work in the grains

Market Line April 19, 2010 Wheat futures closed higher Friday putting in gains on the week. The positive move in wheat came despite a moderate rally in the dollar and some sharp losses in outside markets driven by the federal charges of fraud at Goldman Sachs.

Joe Victor of Allendale Incorporated says it is something besides fundamentals at work in the grains right now.

Victor: “But it is primarily seasonals and technicals that are taking charge. And again, I don‘t care if you are looking at the three, five or ten year seasonals, suggesting that corn, beans and wheat move higher.”

On Friday Chicago May wheat was up 10 ¼ cents at 4-90 ½. May corn up ¾ of a cent at 3-64. Portland soft white wheat steady to a nickel higher at mostly 4-78. New crop August soft white also steady to up a nickel at 4-80.

Club wheat premium $2. HRW 11.5 % protein up a dime at 5-49. DNS 14% protein one to two cents lower at mostly 6-90. No Portland barley bids.

Live cattle futures were higher Friday with feeder contracts mixed. There as some profit taking. Support came from firm beef prices. There were a few cash fed sales Friday at 98 dollars. Most the week’s cattle moved at 99 to 100. June live cattle up 35 cents at 94-65. May feeders down 12 at 112-67. May Class III milk down three cents at 13-09. Later today the USDA issues its March milk production report.

I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.

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