Wheat and cattle futures mixed

Market Line October 15, 2010 Wheat futures were mixed Thursday with nearby contracts posting losses. Weakness in corn and profit taking were cited and there just wasn’t much news.

Dryness in some U.S. winter wheat areas keeps being mentioned by commentators and USDA meteorologist Brad Rippey talks about one of those.

Rippey: “Probably the greatest concern stretches from the Delta, the lower Mississippi Valley on into the southeast. Those areas not only had a hot, dry summer but they have had a dry autumn so far and they also face the prospect of dry conditions for much of the winter due to the ongoing La Nina.”

Due to the USDA holiday this past Monday the weekly export sales report was delayed and will be out this morning.

On Thursday Chicago December wheat down two cents at seven dollars and ¾ cents. December corn down two cents at 5-67 ¼. Portland soft white wheat steady at mostly 5-93 on limited bids. Club wheat premium mostly 17 cents. No Portland red wheat bids. Minneapolis December spring wheat down a penny at 7-50.

Cattle futures were mixed Thursday. There was some spillover pressure from lower hog futures, though boxed beef was higher and there were some cash fed sales reported higher than last week. December live cattle down 20 cents at 98-27. November feeders steady at 108-12. November Class III milk down three cents at 16-10.

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

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