Holiday tiime

Market Line December 24, 2010 Wheat futures were narrowly mixed Thursday as traders prepared for the three day holiday weekend. Markets are closed today. USDA confirmed that sale of U.S. hard red winter wheat to Iraq. The weekly export sales report was about in line with expectations at just under 22 million bushels.

On the weather front, Allen Motew, meteorologist with 2T for the Linn Group, doesn’t see much relief for dry areas of the Plains.

Motew: “We do see the risk of some precipitation crossing that region in the next 24 hours but it is going to be mainly in the eastern areas, eastern Kansas, eastern Oklahoma, northeastern Texas, missing the heart of the hard red wheat belt.”

On Thursday Chicago March wheat down a half cent at 7-83. March corn up a nickel at 6-14. Portland soft white wheat by rail only mixed at mostly 7-60. Club wheat premium mostly 17 cents. New crop August white wheat mixed at 7-07 to 7-30. Only new crop red wheat bids with hard red winter 11.5 percent protein steady to a penny higher at 8-38 to 8-59. August 14 percent DNS down two cents at 9-39 to 9-44.

Cattle futures were mostly higher Thursday. Analysts said profit taking was a factor as well as positioning for the holiday weekend. February live cattle up two cents at 107-57. January feeders down 22 cents at 121-45. January Class III milk up seven cents at 13-15.

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

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