More gains for wheat futures; higher cash cattle

Market Line December 1, 2010 Wheat futures were steady to higher Tuesday. Again the supportive factor was weather. As Lynn Smith of the Zaner Group in Chicago explains, one of the areas of concern is Australia where wet weather is impacting harvest.

Smith: “Quality issues may reduce a lot of their wheat crop to feed grain from food grade and it looks like they are not going to be able to get back into harvest now for another week at least.”

In the U.S. dryness in areas of the hard red winter belt didn’t lead to good stand establishment which could lead to injury in harsh winter weather.

Egypt is tendering for both hard and soft wheat for early February shipment.

On Tuesday Chicago March wheat unchanged at 6-90 ½. March corn down 9 ¼ cents at 5-44. Portland soft white wheat by rail steady to weak at mostly 6-47. Club wheat steady to a nickel lower at mostly 6-64. Hard red winter 11.5 percent protein up three cents at 7-31. No Portland DNS bids. Minneapolis December spring wheat futures up 4 ½ cents at 7-60 ¼.

Cattle futures were higher Tuesday. Cash fed cattle sales of one to two dollars higher than last week up to 104 dollars were a factor. Lower corn was positive for feeder contracts. Gains were limited by the U.S. dollar and weak stock market. February live cattle up 60 cents at 106-37. January feeders up 77 at 119-17. Holiday cheese demand had milk futures higher with January Class III milk up 11 cents at 13-75.

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

Now this.