Australia and Russia help wheat futures
Market Line December 21, 2010 Wheat futures had double digit gains Monday. This despite a higher U.S. dollar. Traders pointed to concerns about wheat quality in Australia where rain has impacted ripe grain. Also in the news stream Monday were reports that Russia might extend its export ban beyond July 1st of next year. In Argentina there were reports that farmers might try and disrupt the movement of wheat. Weekly export inspections for U.S. wheat were at the high end of expectations at 23 million bushels. On Monday Chicago March wheat up 12 ¾ cents at 7-69 ½. March corn up three cents at 5-99 ½. Portland soft white wheat by rail only steady to a nickel higher at mostly 7-52. Club wheat premium mostly 17 cents. New crop August soft white higher at 6-96 to 7-30. Only new crop red wheat bids at Portland with hard red winter 11.5 percent protein up 15 cents at 8-20 to 8-40. August DNS 14 percent up 18 cents at 9-29 to 9-34. Cattle futures had strong gains Monday overcoming what was said to be at least a mildly negative cattle on feed report Friday. Boxed beef was lower too. However analysts said a more optimistic tone for the U.S. and global economy and inflationary concerns helped commodities generally. February live cattle up 72 cents at 105-22. January feeders up 170 at 120-72. January Class III milk down 16 cents at 13-12. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
