Wheat futures lower with cattle mixed

Market Line October 22, 2010 Wheat futures posted losses in the teens Thursday. Weekly export sales for wheat were called neutral to positive coming in at 21.1 million bushels. But Brian Hoops of Midwest Market Solutions again points at the dollar for the lower close.

Hoops: “Main due to a rally in the dollar. The dollar was slightly lower going into the overnight trade but did manage to rally throughout the day Thursday and that put some pressure against the corn, beans and wheat as we have been trading that relationship all week long, and I will expect we will continue to trade into late October, early November, until we start focusing on the November supply and demand report.”

On Thursday Chicago December wheat down 14 ¼ cents at 6-68 ¾ .

December corn down 9 ¼ cents at 5-64 ¼. Portland soft white wheat steady at 5-98 on limited bids. Club wheat premium mostly 17 cents. No Portland red wheat bids. Minneapolis December spring wheat down 15 ¼ cents at 7-28 ½.

Live cattle futures were mixed Thursday with feeders higher. Lower corn helped feeder contracts while live contracts were said to go into consolidation mode after this week’s run up of cash fed cattle prices to seven year highs. Very strong beef exports were pointed to as a factor for the recent strength in boxed beef. This afternoon is a Cattle on Feed report. December live cattle down 37 cents at 101-25. November feeders up 135 at 111-65. November Class III milk down 15 cents at 15-74.

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

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