Traders return to end the year

Market Line December 27, 2010 Futures trading resumes today after a three-day holiday weekend. Wheat futures were mixed heading into the long weekend. There will be trading this Friday though hours will be shortened for New Year’s Eve.

As traders wrap up 2010 and look to next year one report coming in January is an estimate of winter wheat plantings. Helen Pound of Penson GHCO is waiting for that.

Pound: “Is at the end of January come up with the winter wheat planting numbers. I think everybody expects we have more acres planted this year than last year so we want to see how much the increase is going to be.”

During the last session 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. There was positioning ahead of the holiday weekend. Cash cattle sold higher last week though boxed beef struggled. USDA’s export sales report was positive for beef but there is some concern that foot and mouth disease in South Korea may turn some consumers away from beef. 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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