A market holiday

Market Line January 17, 2011 Markets are closed in recognition of Martin Luther King Jr. Day. Wheat futures were lower Friday heading into the three-day weekend. One factor mentioned as negative for markets generally was China’s raising of bank reserve’s to slow inflation. Profit taking was also cited.

Warmer temperatures for central Plains hard red winter wheat was also negative but the outlook still remains dry there. The Canadian Wheat Board says its spring wheat acreage this year could again be impacted by flooding and wet soils.

On Friday Chicago March wheat down 10 ¼ cents at 7-73 ¼. March corn up 6 ¼ cents at 6-48 ¾. Portland soft white wheat by rail only, five to ten cents lower at mostly 7-65. Club wheat premium mostly 25 cents. New crop August white wheat steady to a dime lower at 7-45 to 7-70. Hard red winter 11.5 percent protein down nine cents at 8-50. DNS 14% protein down four cents at 10-45.

Live cattle futures were mostly lower Friday with feeders higher. Analysts said traders took profits going into a long weekend after some record high future prices last week. Boxed beef was higher and cattle continued to sell at 108 dollars in the Plains. February live cattle down 52 cents at 109-37. March feeders up 40 at 127-30. February Class III milk up nine cents to $15.

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

Now this.