Wheat and cattle futures post gains to end old year.

Market Line January 3, 2011 Wheat futures wrapped up the last trading session of 2010 with modest gains. A break in the dollar was positive and there was spillover support from row crops, which are benefiting from hot and fairly dry weather in Argentina.

Some dry areas of the hard red winter wheat belt did not get snow cover ahead of some frigid temperatures. And while some dry weather in Australia helped harvest along, Allen Motew of 2T Weather for the Linn Group says rains are returning in east Australia.

Motew: “But as we go forward we see no relief to the extremely wet December that has already occurred there and continues into January. Very La Nina like actually to the extreme.”

On Friday Chicago March wheat up 7 ¼ cents at 7-92. March corn up 10 ½ cents at 6-25. USDA Market News did not report Portland prices Friday. Last Thursday Portland soft white wheat by rail only, steady to a nickel higher at mostly 7-58. Club wheat premium mostly 21 cents. New crop August white wheat steady to three cents lower at 7-07 to 7-25. Only new crop red wheat bids with hard red winter 11.5 percent protein down 14 cents at 8-38 to 8-58 and August 14 percent DNS five to ten cents lower at 9-47.

Cattle futures closed higher Friday. Analysts said higher cash fed cattle prices, increased beef prices and good exports all provided support. December live cattle traded at an all-time high of 107-50 before the contract expired. February live cattle were up 102 at 108-35. March feeders up 102 at 123-95. February Class III milk down 12 cents at 13-72.

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

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