Expanded trading limits for wheat futures
Market Line August 9, 2010 Wheat futures, which had limit down 60 cent closes in many contracts Friday, will see expanded trading limits today of 90 cents. Lynn Smith of the Zaner Group at Chicago says that could make for a wild day today. He says profit taking by the funds was a big feature Friday but some talk out of Russia also pressured the market. Smith: “Apparently the Russian’s might hold off on that ban until September 1st in order to get some of the current shipments of grain out that have already been loaded up. That was one of the things I think that started this market to work a little bit lower.” Some analysts say Egypt helped calm the markets by saying it had its import needs covered for the next six months. On Friday Chicago September wheat down 60 cents at 7-25 ¾. September corn up 1 ½ cents at 4-05. Portland soft white wheat was five to 20 cents higher for first half August at mostly 6-60 but steady to a dime lower for second half, also at 6-60. Club wheat premium mostly 18 cents. No Portland red wheat bids. September Minneapolis spring wheat futures were down 60 cents at 7-23. Cattle futures closed lower Friday. Disappointing job news and the lower stock market raised concerns about consumer demand though some fed cattle sales at steady money provided some support. Profit taking was also cited as a factor. October live cattle down 77 cents at 95-50. October feeders down 27 at 113-22. September Class III milk up seven cents at 15-31. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
