Wheat futures finally close higher

Market Line March 15, 2011 After a week of losses wheat futures put in a mostly up day Monday. There was early weakness on general economic uncertainty and talk of slowed exports to Japan.

A weaker dollar was positive. Weekly export inspections for wheat were 21 million bushels. Jordon is tendering for 100-thousand metric tons of wheat.

Some commentators said rain in South America and its impact on row crops helped corn and soybeans which also provided some support for wheat.

On Monday Chicago May wheat up two cents at 7-20 ¾. July new crop up 2 ¼ at 7-53. May corn up 1 ¾ cents at 6-66. Portland soft white wheat steady to 15 cents higher at mostly 7-20 on limited bids. Club wheat premium at Portland mostly 17 cents. New crop August white wheat steady to a dime higher at 7-20 to 7-45. Hard red winter 11.5 percent protein three to eight cents higher at 8-48. DNS 14% protein steady at mostly 11-30.

Cattle futures were mixed Monday. Japan is a major beef and pork export market for the U.S. and transportation and refrigeration problems in the wake of the tsunami had traders being cautious. There was talk though of the cash fed cattle market being steady or even higher this week. April live cattle down 62 cents at 116-50. April feeders down 87 at 133-65. April Class III milk down 75 cents at 16-66 on a drop in cheese prices..

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

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