Corn rally continues; wheat futures lag
Market Line October 13, 2010 Corn futures saw big gains again Tuesday while nearby wheat futures were slightly higher but mixed overall. Egypt purchased 220-thousand metric tons of U.S. hard red winter wheat for December shipment. Weekly export inspections for U.S. wheat were down from last week at just under 22 million bushels, which is below the weekly average needed to meet USDA export projections. There is dryness in both the U.S. soft red and hard red winter wheat areas but USDA meteorologist Brad Rippey says winter wheat planting is running ahead of average. Rippey: “Seventy percent planted by October 10th, slightly ahead of the five year average of 68% and last year‘s average of 65%.” Emergence is at 38 percent just a point under average. On Tuesday Chicago December wheat up ¾ of a cent at 7-10. December corn up 23 ¼ cents at 5-79. Portland soft white wheat steady to a dime lower at mostly 5-95 with limited bids. Club wheat premium mostly 17 cents. No Portland red wheat bids. Minneapolis December spring wheat up 4 ¼ cents at 7-54 ¼. Live cattle futures were higher Tuesday with feeders mixed. Fund buying was cited and there is optimism about beef prices. Feeders had been higher in the session despite sharply higher corn on what was viewed as being oversold. December live cattle up 55 cents at 99-30. November feeders up 12 at 107-25. November Class III milk down 13 cents at 16-15. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
