Plains get rain; feedlot inventory up 3%
Market Line October 25, 2010 Wheat futures were mixed Friday with Minneapolis the weakest market. Traders said there was little fresh news and no direction provided from outside markets. Areas of the dry southern Plains got rain late last week with the chance of more this week. In Russia Prime Minister Putin said Friday that the grain export ban will likely last until July 1st of next year. On Friday Chicago December wheat up two cents at 6-70 ¾. December corn down 4 ¼ cents at 5-60. Portland soft white wheat steady to a nickel higher at mostly 6-08. Club wheat premium mostly 17 cents. No Portland red wheat bids. Minneapolis December spring wheat down a ¼ cent at 7-28 ¼. USDA issued a Cattle on Feed report Friday and department analyst Shayle Shagum has the numbers. Shagum: “During September we placed just under 2.5 million head of cattle. That was up 3% from a year ago. We marketed 1.8 million head during September and that was 2% above a year ago, which gave us an estimated number of cattle on feed of just under 10.8 million head, three percent higher than a year ago.” Ahead of the report cattle futures were mostly higher in pre-report positioning with December live cattle up 45 cents at 101-70. November feeders up 90 at 112-55. November Class III milk up nine cents at 15-83. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
