Commodity sell off takes wheat futures down

Market Line November 17, 2010 Wheat futures saw forty-cent plus losses Tuesday. Most of the blame went to China and its fight against inflation, also financial problems in Europe, which helped rally the dollar. Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange says folks just wanted out of commodities.

Chiodo: “There was a fair amount of selling out there that was just completely commodity related. Trying to get away from any risk at all and get the cash for the moment and wait and see what is going on. Perhaps they see more than we do but I don‘t see a lot going on that should affect commodities that much.”

On Tuesday Chicago December wheat down 46 ½ cents at 6-26 ¼. December corn down 29 cents at 5-26 ½. No Portland soft white wheat bids for November. For December by rail only five to 15 cents lower at 6-35 to 6-45. No club wheat bid. No Portland red wheat bids. Minneapolis December spring wheat futures down 40 ½ cents at 7-05 ½.

Cattle futures were caught in the general commodity sell off and closed mostly lower though some analysts point out the charts are still friendly for cattle. Some cash fed cattle in the southern plains sold at steady money to last week. There are reports of some green cattle showing up. Feeder steers were steady to three dollars higher at Oklahoma City this week. December live cattle down 77 cents at 98-45. January feeders down 20 cents at 114-85. December Class III milk up 35 cents at 13-70.

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

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