Dollar down wheat futures up; strong cash cattle

Market Line October 21, 2010 Wheat futures were higher Wednesday as the U.S. dollar turned lower with wheat following corn and soybeans.

Traders said gains were limited by the prospect of rain for some of the dry winter wheat areas. USDA meteorologist Brad Rippey says its coming out of the southwest.

Rippey: “This system evolving over the southwest is very slowly going to head to the east and northeast over the next several days.”

Which would help the wheat in Kansas, Oklahoma and Texas.

This morning USDA issues the weekly export sales report.

On Wednesday Chicago December wheat up 11 ½ cents at 6-83. December corn up 27 ½ cents at 5-73 ½. Portland soft white wheat steady at mostly 5-98 on limited bids. Club wheat premium mostly 17 cents. No Portland red wheat bids. Minneapolis December spring wheat up 14 ¼ cents at 7-43 ¾.

Live cattle futures were higher Wednesday. Strong cash fed cattle prices, three and a half to four dollars higher than last week, along more gains in boxed beef boosted contracts. Feeder contracts closed lower on sharply higher corn futures. December live cattle up 67 cents at 101-62. November feeders down fifty cents at 110-30. November Class III milk up 41 cents at 15-89.

Tomorrow afternoon USDA issues the monthly Cattle on Feed report.

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

Now this.