Corn helps wheat futures

Market Line November 16, 2010 Late selling erased some of the early gains from wheat futures Monday but contracts did close higher. Traders said strength in corn and soybeans helped wheat. Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange says rumors that China was talking to Argentina about importing corn excited the corn market.

Chiodo: “And that along with a fairly stable dollar and not too much other action while all the other commodities were up. It looked like fund buying all across the board.”

Weekly export inspections for wheat came in under trade expectations but the USDA did announce a sale to Iraq of 100-thousand metric tons of U.S. hard red winter wheat.

On Monday Chicago December wheat up 3 ½ cents at 6-72 ¾. December corn up 21 ½ cents at 5-55 ½. No Portland soft white wheat bids for November. December delivery by rail only unchanged at 6-40 to 6-60. No club wheat bids. No Portland red wheat bids. Minneapolis December spring wheat futures up 1 ¼ cents at 7-46.

Live cattle futures were higher Monday with feeders steady to higher. Traders said Friday’s sell off in commodities created bargains that attracted buyers. Boxed beef was higher. Views differ on whether cash fed cattle will be higher or lower this week. Last week’s sales were mostly 98 dollars. December live cattle up 82 cents at 99-22. January feeders up 65 at 115-05. December Class III milk up nine cents at 13-35. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.

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