Lower wheat futures with cattle contracts mixed
Market Line December 28, 2010 Wheat futures saw slight losses Monday. Like many markets wheat started under pressure from the Chinese interest rate hike but recovered somewhat from that. Strength in other grains helped with some dryness in South America helping the row crops. That same weather has allowed the Argentine wheat harvest to reach about 62 percent completion. USDA’s weekly inspections of wheat for export were well below trade expectations at only 17.5 million bushels, down from nearly 26 million the previous week. On Monday Chicago March wheat down 2 ¾ cents at 7-80 ¼. March corn up 1 ½ cents at 6-15 ¼. Portland soft white wheat by rail only steady at mostly 7-60 on limited bids. Club wheat premium mostly 17 cents. New crop August white wheat steady to a nickel lower at 7-02 to 7-30. Only new crop red wheat bids with hard red winter 11.5 percent protein steady to a penny lower at 8-38 to 8-58. August 14 percent DNS steady at 9-39 to 9-44. Cattle futures were mixed Monday. There was support from higher mid-day boxed beef prices even as there was talk that east coast weather could negatively impact beef demand. Profit taking capped rallies. February live cattle up 37 cents at 107-95. March feeders unchanged at 123-67. February Class III milk up a penny at 13-42. USDA reported yesterday that the U.S. hog inventory as of December 1st was down one percent from a year ago and so was the breeding herd. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
