Wheat and cattle futures higher in post-holiday trade

Market Line November 29, 2010 Wheat futures closed slightly higher in a shortened trading session Friday. A good weekly export sales report from the USDA was given some of the credit. Also forecasts for the Plains and Midwest don’t show much moisture to alleviate dry conditions in those winter wheat regions. National Data Climate Center maps show the Pacific Northwest winter wheat with a snow cover.

Rain is in the forecast again this week in eastern Australia where moisture has delayed harvest and is causing grain quality concerns. Russia and Ukraine have had higher than normal temperatures delaying winter wheat dormancy.

On Friday Chicago March wheat up two cents at 6-87 ¼. March corn down ¾ of a cent at 5-53. Market News did not report Portland prices Friday. Last Wednesday, Portland soft white wheat was steady to down a nickel at mostly 6-35 for December by rail only. Club wheat mostly 6-52. No Portland red wheat bids. Minneapolis March spring wheat futures up 1 ½ cents at 7-51 ¾.

Cattle futures were higher Friday in the shortened trading session. There was pressure from a strong dollar and a lower stock market but fund buying helped contracts close higher as did the week‘s strong cash cattle and beef markets. February live cattle up 62 cents at 106-22. January feeders up 47 at 118-75. Milk futures did not trade Friday.

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

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