Mixed wheat futures; cattle contracts lower
Market Line September 21, 2010 Nearby wheat futures were lower Monday with more deferred contracts higher. Wheat had early support from dry conditions in Australia, parts of Argentina and Russia as well as frost over the weekend in Canada. Profit taking and technical selling was mentioned. Weekly export inspections for wheat were 29.9 million bushels, which is more than needed weekly to meet USDA export projections. USDA reported the U.S. spring wheat harvest 87 percent complete. USDA’s Brad Rippey has the winter wheat planting progress numbers. Rippey: “And as of September 19th planting progress has reached 18%. That is slightly behind the five year average of 21% and last year‘s number of 22% at this time.” On Monday Chicago December wheat down 7 ½ cents at 7-31 ¾. December corn down a nickel at 5-08 ¼. Portland soft white wheat was steady to weak at mostly 6-55. Club wheat premium mostly 20 cents. No Portland red wheat bids. Minneapolis December spring wheat down six cents at 7-67 ¼. Cattle futures posted losses Monday. Traders said Friday’s Cattle on Feed report with its more than expected feedlot placements which increased the total inventory was bearish. Profit taking was also cited after contracts posted new highs last week. October live cattle down 125 at 98-15. October feeders down 110 at 110-75. October Class III milk up 24 cents at 16-42. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
