Outside markets and exports good for wheat

Market Line November 19, 2010 Wheat futures had more gains Thursday. A lower dollar, higher outside markets and continued dry weather in the western plains hard red winter wheat belt were all supportive.

The weekly export sales report from USDA was also positive coming in above trade expectations at nearly 35 million bushels of old crop. It was also reported that Egypt purchased 60-thousand metric tons of U.S. soft white wheat and 60-thousand of soft red winter.

On Thursday Chicago December wheat up 12 ¾ cents at 6-45 ½. December corn up 16 cents at 5-41 ¾. Portland soft white wheat for December by rail steady to a nickel higher at 6-35 to 6-50. No Portland club or red wheat bids. Minneapolis December spring wheat futures up 13 ½ cents at 7-24.

Cattle futures had big gains Thursday. A weaker dollar and commodity buying interest generally were cited. Traders are looking to higher fed cattle prices next week. December live cattle up 145 at 100-80. January feeders up 130 at 116-05. December Class III milk up 15 cents at 13-99. USDA reported October milk production in the major states up 3.3 percent from a year ago.

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

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