Wheat futures fall back; lock closure extended
Market Line January 7, 2011 Wheat futures went from double digit gains Wednesday to double digit losses Thursday. Losses were limited by a good export sales report which was at the high end of expectations. Traders said outside markets were negative and so was the latest forecast for the central Plains. Allen Motew of QT Weather for the Linn Group says it looks like snow will come ahead of some frigid temperatures. Motew: “The Sunday to Tuesday may see a half to one foot of snow across parts of east Colorado and a good portion of Kansas.” The U.S. Army Corps of Engineers has announced it is extending the closure of The Dalles navigation lock from March 19th to March 23rd due to delays in fabricating the new lock gate. On Thursday Chicago March wheat down 19 ¼ cents at 7-89. March corn down 17 ¼ cents at 6-02. Portland soft white wheat by rail only, steady at mostly 7-65. Club wheat premium mostly 17 cents. New crop August white wheat was mixed at 7-13 to 7-50. Hard red winter 11.5 percent protein 14 cents lower at 8-49. DNS 14% protein down 15 cents at 10-37. Cattle futures were higher Thursday though down from gains early in the session. Some analysts called it mostly a technical session. Boxed beef was mixed. The drop in corn futures did help feeder contracts. February live cattle up a dime at 106-72. March feeders up 67 at 123-07. February Class III milk up 16 cents at 13-88. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
