Wheat futures up and cattle contracts down

Market Line October 26, 2010 Wheat futures posted gains of a few cents Monday and was called a follower of corn. A break in the dollar was said to have been behind the advance of many commodities.

Weekly export inspections for wheat were up slightly from last week at 21.5 million bushels but that is behind what is needed weekly to meet the USDA export projection.

The Plains and Midwest got some rain but USDA meteorologist Brad Rippey says several states are having emergence delays for winter wheat.

Rippey: “Not only do we see Arkansas and North Carolina running behind the average emergence pace, but you also see Indiana, Kansas and Texas running behind the average pace.”

On Monday Chicago December wheat up 3 ¼ cents at 6-74. December corn up 8 ¾ cents at 5-68 ¾. Portland soft white wheat steady to a nickel higher at mostly 6-08 on limited bids. Club wheat premium mostly 25 cents. No Portland red wheat bids. Minneapolis December spring wheat futures up 4 ¼ cents at 7-32 ½.

Cattle futures were lower Monday. Chart selling, profit taking and spillover pressure from hogs were cited as factors. Feeders followed live contracts and also got pressure from higher corn. Some traders also pointed to the fact we are entering the season where poultry and ham see increased demand though boxed beef was firm yesterday. December live cattle down 105 at 100-65. January feeders down 120 at 111-65. December Class III milk unchanged at 14-89.

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

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