Wheat futures mixed and cattle contracts higher

Market Line March 3, 2011 Wheat futures closed mixed Wednesday. Contracts surged higher in early trading in part on USDA reporting the sale of 220-thousand metric tons of U.S. hard red wheat to unknown destinations. Some analysts said that might not really be new business to the market as it could be recent sales to Saudi Arabia.

When corn futures broke lower late in the day wheat futures felt pressure. A lower dollar and southern Plains weather were supportive.

The weekly export sales report from USDA will be out this morning and traders are looking for a big number.

On Wednesday Chicago May wheat up a penny at 8-11 ¼. July new crop down a penny at 8-39 ¾. May corn down 14 cents at 7-21 ½. Portland soft white wheat steady to a nickel higher at mostly 7-73. Club wheat premium at Portland mostly 17 cents. New crop August white wheat ten to 15 cents higher at 7-70 to 7-95. Hard red winter 11.5 percent mixed at mostly 9-27. DNS 14% protein also mixed at mostly 11-90.

Cattle futures had gains Wednesday. Contracts were under pressure early on concerns about higher oil prices and the impact on consumers and beef demand. Reports of live cattle sales of 112 turned the market higher. April live cattle up 80 cents at 112-20. April feeders up 77 at 131-40. April Class III milk down four cents at 18-07.

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

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