Winter weather helps wheat and cattle futures

Market Line February 1, 2011 Wheat futures rebounded from the losses Friday to post double digit gains on Monday. Egyptian officials report that wheat imports are arriving at ports on schedule and that reduced fears of an impact on overall wheat demand.

Weekly export inspections for wheat were 21.3 million bushels, within the range expected.

Another threat of artic cold in the hard red winter wheat built was also a factor Monday. Allen Motew of QT Weather for the Linn Groups says most of the snow will be east of parts of Kansas, Oklahoma and Texas.

Motew: “I think some damage will occur due to the cold air sitting over that region over somewhat unprotected ground.”

On Monday Chicago March wheat up 15 cents at 8-40 ¾. March corn up 15 ½ cents at 6-59 ½. Portland soft white wheat by rail only, steady to a nickel higher at mostly 8-27. Club wheat premium at Portland mostly 17 cents. New crop August white wheat steady to 40 cents higher at 8-10 to 8-55.

Hard red winter 11.5 percent protein mostly 9-21. DNS 14% protein mostly 11-52.

Cattle futures were higher Monday. Traders see the big snowstorm in the central part of the country impacting cattle weight gains and marketings. Friday’s Cattle Inventory report was seen as friendly to back contract months given the reduced replacement heifer numbers. Boxed beef was higher yesterday and spillover support from hogs was also cited. April live cattle up 127 at 114-05. March feeders up 177 at 128. March Class III milk up 75 cents at 18-19.

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

Now this.