Weather issues aid wheat futures

Market Line November 30, 2010 Wheat futures had gains Monday with various weather issues around the world providing support and a stronger dollar limiting gains. Rain on ripe wheat in eastern and southern Australia continues to be a market topic of discussion with the effect on quality. So does dryness in areas of the U.S. hard red winter wheat belt. This week’s winter wheat ratings had the crop nationally at 47 percent good to excellent unchanged from last week but there was a one point increase in the very poor to poor category to 17%.

Weekly export inspections for wheat were solid at 20.8 million bushels. Both Iraq and Algeria are said to be tendering for wheat.

On Monday Chicago March wheat up 3 ¼ cents at 6-90 ½. March corn unchanged at 5-38 ¼. Portland soft white wheat for December by rail only steady to 35 cents higher at mostly 6-48. Club wheat steady to a nickel higher at mostly 6-65. Hard red winter 11.5 percent protein mostly 7-28 with no recent price comparison. No Portland DNS bids. Minneapolis December spring wheat futures up 4 ¾ cents at 7-55 ¾.

Cattle futures were lower Monday. A stronger dollar and the lower stock market were cited as factors as was profit taking. Feedlot showlists could be smaller this week which could provide price support. February live cattle down 45 cents at 105-77. January feeders down 35 at 118-40. January Class III milk up 24 cents at 13-64 aided by higher spot cheese prices.

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

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