Wheat futures up despite outside markets

Market Line January 26, 2011 Wheat futures closed higher Tuesday with the hard wheats leading the way. Lower crude oil and other commodities pressured grains but wheat worked its way back, though corn and soybeans did not. There was support from ideas that Egypt and Iraq may soon be back in the market.

Strength in the protein wheats is due in part to dry conditions in areas of the U.S. hard red winter wheat belt and Allen Motew of QT Weather for the Linn Group says there is still no relief for the driest areas.

Motew: “We see nothing significant there. Dry weather for that region and we see no significant precipitation.”

On Tuesday Chicago March wheat up three cents at 8-38 ¼. March corn down 11 ¼ cents at 6-44. Portland soft white wheat by rail only, steady to a nickel higher at mostly 8-02. Club wheat premium mostly 17 cents. New crop August white wheat steady to up a nickel at 7-75 to 8-10. Hard red winter 11.5 percent protein up a dime at mostly 9-08. DNS 14% protein up six cents at 11-16.

Cattle futures were lower again Tuesday as contracts continued to get pressure from last week’s Cattle on Feed report. Cash fed cattle have also sold a dollar lower than last week at 105. News that Taiwan is testing U.S. beef for traces of a growth promotant was also cited as a negative. February live cattle down 52 cents at 106-25. March feeders down 42 at 125-12. February Class III milk down 19 cents at 16-30.

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

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