A market holiday
Market Line February 21, 2011 Markets are closed today for President’ s Day. Wheat futures had big losses Friday. China’s action to tighten up money was negative for commodities generally. Pressure also came from the potential for some significant rains in China’s winter wheat belt. Wheat got some support from a long term outlook that sees warmer and drier than normal weather for the southern Plains winter wheat belt. On Friday Chicago March wheat down 28 ½ cents at 8-22 ¼. March corn down three cents at 7-09 ¾. Portland soft white wheat by rail only, was called steady to weak at mostly 8-42. Club wheat premium at Portland 17 cents. New crop August white wheat steady at 8-25 to 8-40. Hard red winter 11.5 percent as much as 23 cents lower at 9-47. DNS 14% protein mostly 11-74. USDA’s Cattle on Feed report Friday pegged the feedlot inventory February 1st up six percent from a year ago, January placements up four percent and marketings about unchanged. USDA analyst Shayle Shagum has more on that. Shagum: “When we look at that unchanged marketing number for January, January 2011 had one more slaughtering day than January 2010. So when you factor that in we were actually down 5% on a daily basis in terms of our cattle marketings.” Ahead of the report cattle futures were mixed though cash fed cattle sold higher. April live cattle up a nickel at 115-15. March feeders down 62 at 131-75. March Class III milk down 40 cents at 18-51. That was ahead of the USDA reporting January milk production in the major states was up 2.7 percent from January of 2010. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
