A market holiday

Market Line September 6, 2010 Grain and cattle markets are closed for Labor Day today with trading resuming tomorrow. On Friday wheat futures soared higher with some near 30 cent gains as USDA reported a sale of 275-thousand metric tons of hard red winter wheat to Egypt and another hard red winter wheat sale of 100-thousand metric tons to unknown destinations. Support was also said to continue from the announcement Russia’s grain export ban will continue until after next years harvest.

Some lower estimates for Germany’s wheat crop are also coming in. Germany is the EU’s second largest wheat producer.

On Friday Chicago December wheat up 27 ½ cents at 7-41 ¼. December corn up 17 cents at 4-64 ½. Portland soft white wheat five to 15 cents higher at mostly 6--63. Club wheat premium mostly 19 cents. HRW 11.5 % protein up 26 cents at 7-52. No Portland DNS bids. Minneapolis December spring wheat up 23 ¼ cents at 7-58 ¼.

Cattle futures were mixed going into the holiday weekend. Cash fed cattle were lower on the week and profit taking was cited as a factor along with positioning for the long weekend. Higher corn was negative for feeder contracts. October live cattle unchanged at 98-45. October feeders down 42 at 115-07. October Class III milk down two cents at 15-63.

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

Now this.