Traders return from holiday weekend
Market Line February 22, 2011 While U.S. futures traders were away on their three-day holiday weekend grains in Europe fell to their lowest level in a month. The continuing turmoil in the Middle East helped oil but not grain. The dollar was also stronger. There was also a weekend report that irrigation had helped reduce the drought in the Chinese winter wheat area by over two million acres. In the last U.S. trading session Friday U.S. wheat futures had big losses with an overbought market and bearish Chinese weather forecasts cited. A sale of U.S. wheat to Turkey provided some support as did a long term forecast for continued dryness in the southern Plains. 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. Today will be the first trading session following USDA’s Cattle on Feed Report issued Friday. USDA said the feedlot inventory February 1st was up six percent from a year ago, January placements were up four percent and marketings last month about unchanged. Ahead of the report futures were mixed. Cash fed cattle sold last week three to four dollars higher at 110. 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. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this. ?
