Wheat and cattle futures lower

Market Line December 15, 2010 Wheat futures closed lower Tuesday with Chicago posting the least losses. Profit taking, technical selling and a stronger dollar were all cited by traders for the sell off.

Eastern Australia is expected to see some better harvest weather. The E.U.’s two big wheat producers, Germany and France have a good snow cover over their crops. The U.S. northern Plains got snow in this week’s storm but not the drier and bare central and southern Plains and USDA meteorologist Eric Luebehusen says;

Luebehusen: “For the most part the outlook is not overly favorable for moisture recharge for these areas.”

On Tuesday Chicago March wheat down 17 cents at 7-63 ¼. March corn down 1 ¼ cents at 5-87 ¼. Portland soft white wheat by rail only steady to a nickel lower at mostly 7-47. Club wheat premium mostly 17 cents. New crop August soft white wheat 6-86 to 7-10. No nearby Portland red wheat bids. Minneapolis December spring wheat futures down 27 ½ cents at 8-43 ½.

Cattle futures were mostly lower Tuesday. Traders cited profit taking from the previous sessions run up as well as a higher dollar. Support came from higher boxed beef. Oklahoma City this week sold feeder steers steady to two dollars higher, heifers two to four dollars higher. February live cattle down 42 cents at 104-52. January feeders down 125 at 117-95. January Class III milk down seven cents at 13-11.

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

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