Wheat and cattle futures higher after USDA numbers

Market Line January 13, 2011 Wheat futures put in gains Wednesday though closed well below the day’s highs. USDA pegged winter acres up ten percent. World wheat ending stocks were increased but USDA carryover supplies were reduced on a 50 million bushel increase in wheat exports.

Peter Georgantones of Abbott futures in Minneapolis expects exports to pickup and wheat prices move higher.

Georgantones: “I think our bookings are going to start increasing here end of the first quarter this year and that is going to hold the wheat market together as well.”

Wheat futures also benefited from row crop support as corn and soybeans saw bullish USDA numbers.

 On Wednesday Chicago March wheat up 11 cents at 7-70 ½. March corn up 24 cents at 6-41. Portland soft white wheat by rail only, five to ten cents higher at mostly 7-73. Club wheat premium mostly 17 cents. New crop August white wheat 52 cents to a dime higher at 7-45 to 7-60. Hard red winter 11.5 percent protein up 14 cents at 4-82. DNS 14% protein up 13 cents at 10-33.

There were more new record highs for cattle futures Wednesday. Higher corn prices were seen as limiting beef production. The winter weather in the plains continued to provide support as did higher boxed beef prices. February live cattle up 175 at 110-20. March feeders up 75 at 126-05.

February Class III milk down a nickel at 14-87.

I’m Greg Martin and that’s Market Line on Northwest Aginfo Net.

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