Weather still a force; unexpected feedlot placements
Market Line September 20, 2010 Weather around the planet continues to influence wheat futures. Friday saw strong gains as frost in Canada may have hurt some spring wheat, dryness continues in Russian winter wheat areas as well as in parts of Australia. Some disappointing U.S. corn yields had those futures providing some spillover support for wheat too. On Friday Chicago December wheat up 20 cents at 7-39 ¼. December corn up 17 ¼ cents at 5-13 ¼. Portland soft white wheat steady at mostly 6-58. Club wheat premium mostly a dime. No Portland red wheat bids. Minneapolis December spring wheat up 19 ¾ cents at 7-73 ¼. USDA’s Cattle on Feed report Friday had a higher than expected placement number in it. Department analyst Shayle Shagum. Shagum: “During August we placed about 2.3 million head, which was up seven percent from a year ago. We marketed just over 1.9 million head which was up just over seven percent from a year ago, which left the number of cattle on feed September 1st at under 10.2 million head, three percent higher than a year ago.” Ahead of the report live cattle futures were higher, feeders lower. October live cattle up 70 cents at 99-40. October feeders down 22 at 111-85. October Class III milk up four cents at 16-18 ahead of USDA reporting August milk production up 2.8 percent from a year ago. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
