More gains for wheat futures

Market Line October 29, 2010 Wheat futures put in their third consecutive day of double digit gains Thursday. The U.S. dollar was down and commentators continue to point to the support from the dry conditions in the hard red winter wheat belt and potential damage to the crop.

The weekly wheat export sales report was also near the top of expectations and in line with what’s needed to meet USDA projections. Rumors about China buying wheat were mentioned again.

USDA says state ACRE triggers were met in Idaho, Washington and Oregon for 2009 dry peas but not for lentils.

On Thursday Chicago December wheat up 15 ½ cents at 7-18 ¼. December corn up 1 ¾ cents at 5-79. Portland soft white wheat steady to a dime higher at mostly 6-10. Club wheat premium mostly 25 cents. No Portland red wheat bids. Minneapolis December spring wheat futures up 18 cents at 7-76 ¼.

Cattle futures were mixed Thursday with pressured cited from month end fund selling. Cash fed cattle sold lower this week and traders see beef having a hard time holding recent gains against pork and poultry. Weekly beef exports were good however. Next week’s show lists are expected to be smaller. December live cattle down 72 cents at 99-27. January feeders down 60 at 111-17. December Class III milk down 20 cents at 14-69 on lower cash cheese. Cooperatives Working Together says it will stop conducting dairy herd retirements and focus on export assistance in the coming year.

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

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