Rains pressure wheat futures

Market Line November 12, 2010 Wheat futures had modest losses Thursday. Moisture in the plains and Midwest winter wheat belts were negative for prices as that is expected to help crop condition ratings. The dollar was also higher.

Informa Economics is predicting total U.S. wheat plantings for the 2011 crop of 56.1 million acres down from an earlier forecast of 57 million. It sees higher corn prices taking away wheat acres.

USDA’s weekly export sales report will be out this morning. It was delayed a day because of the Veteran’s Day holiday.

On Thursday Chicago December wheat down six cents at 7-04. December corn down 2 ¾ cents at 5-64. Portland soft white wheat unchanged at 6-23 in slow trading. Club wheat also 6-23. No Portland red wheat bids. Minneapolis December spring wheat futures down 5 ¼ cents at 7-76 ¾.

Cattle futures were mixed Thursday. Thoughts of only steady, even lower cash fed cattle pressured contracts as did lower beef prices, a lower equity market and a higher dollar. Some trading firms have purchased corn option calls that will only pay off if corn hits $10 a bushel next spring. December live cattle down 35 cents at 99-05. January feeders up 12 at 115-07. December Class III milk down a dime at 13-28.

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

Now this.