Wheat futures recover to close higher; cattle mixed

Market Line January 21, 2011 Wheat futures had modest gains Thursday. This after being sharply lower early in the day with pressure across the commodities. Traders said a late surge in corn and ideas exports will pick up helped the recovery. Jordan did buy 150-thousand metric tons of U.S. hard red winter and Iraq is still working a tender. The weekly export sales report, delayed a day by Monday’s holiday will be out this morning.

Allen Motew of QT Weather for the Linn Group says moisture may continue to miss dry areas of the U.S. Plains.

Motew: “And the latest Climate Prediction Center sticks to La Nina being a problem across that area right through spring time. So heat and drying are still expected across the southern Plains, which includes Kansas, Oklahoma, west Texas, Colorado, New Mexico area. Right in the heart of the hard red wheat belt.”

On Thursday Chicago March wheat up 6 ¼ cents at 8-03 ½. March corn up 12 ¾ cents at 6-54. Portland soft white wheat by rail only, steady to a nickel lower at mostly 7-85. Club wheat premium mostly 25 cents at Portland. New crop August white wheat steady to a dime lower at 7-50 to 7-80. Hard red winter 11.5 percent protein up eight cents at 8-76. DNS 14% protein nine cents higher at mostly 10-80.

Cattle futures were mixed Thursday. There was pressure from lower cash fed cattle sales. Boxed beef was higher though. February live cattle down 15 cents at 108-65. March feeders down 120 at 126-30. February Class III milk up 44 cents at 15-34.

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

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