Wheat futures lower and cattle mixed

Market Line September 22, 2010 Wheat futures were lower Tuesday on another day with little news. Wheat lost ground to corn and hard wheat gained on soft wheat. There was some more rain in Russia while western Australia remains dry. Some winter wheat areas of the U.S. southern plains are also on the dry side.

Egypt is tendering for some U.S. hard wheat. Bangladesh is also tendering.

USDA meteorologist Brad Rippey says the impact of the weather phenomenon La Nina may be making an impact sooner than expected. One effect, wet weather in the northwest and northern plains.

Rippey: “And some of the expected impacts are starting to materialize even though it is only late September.”

On Tuesday Chicago December wheat down 13 ¾ cents at 7-18. December corn down three cents at 5-05 ¼. Portland soft white wheat steady to a nickel lower at mostly 6-51. Club wheat premium mostly 20 cents. No Portland red wheat bids. Minneapolis December spring wheat down 9 ½ cents at 7-57 ¾.

Cattle futures were mixed Tuesday. There have been some cash fed sales at 98 dollars, steady with last week. That offered support as did a lower dollar which could help exports but there was late fund selling. Cash feeders at Oklahoma City this week were one to two dollars lower. October live cattle down 65 cents at 97-50. October feeders down a dime at 110-65. October Class III milk up two cents at 16-44.

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

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