Wheat and cattle futures lower

Market Line January 28, 2011Wheat futures closed lower Wednesday, the first time in eight trading sessions. There wasn’t much in the news to feed the bull. Weekly export sales were good at 38.5 million bushels but that was still within the high-end of trade expectations. There was no talk of more buyers getting on the tender list.

Analysts said the wheat market was considered overbought and profit taking was seen.

Chinese officials are quoted as saying the condition of their winter wheat isn’t that bad with the drought not as bad as recent years.

Ag Secretary Vilsack announced the full deregulation of Roundup Ready Alfalfa with no restrictions.

On Thursday Chicago March wheat down 10 ¼ cents at 8-46 ¼. March corn down seven cents at 6-50 ¾. Portland soft white wheat by rail only, steady to a dime higher at mostly 8-20. Club wheat premium mostly 25 cents. New crop August white wheat a nickel higher at 8-20 to 8-25. Hard red winter 11.5 percent protein down seven cents at 9-23. DNS 14% protein down seven cents at 9-91.

Cattle futures were mixed Thursday. Profit taking was still seen as a factor. Lower cash cattle this week was also negative but higher boxed beef yesterday offered some support. Analysts say live contracts had just gotten too far ahead of the cash market. February live cattle down 27 cents at 106-95. March feeders down 52 at 125-60. February Class III milk down a penny at 16-48.