Wheat futures mixed; Cattle futures drop hard again

Wheat futures mixed; Cattle futures drop hard again. I’m Greg Martin and this is Market Line.

Market Line March 17, 2011

Wheat futures started higher Wednesday on thoughts of an oversold market and lower prices will bring some demand. Dry weather in the westerns southern plains was also supportive. A sell off in the market was led by lower equities and talk that some shipments to Japan were being delayed or were unable to unload. A break in corn prices also spurred some long liquidation.

USDA’s weekly export sales report will be out this morning.

On Wednesday Chicago May wheat down 5 ¾ cents at 6-62 ¼.

July new crop down 4 ½ cents at 6-96.

May corn down 19 ½ cents at 6-16 ½.

Portland soft white wheat nearest bid was for May at 6-65 to $7.

No club wheat bid.

New crop August white wheat 6-50 to 6-65.

Hard red winter 11.5 percent protein up a penny at mostly $8.

DNS 14% protein two to seven cents lower at 10-63.

Cattle futures saw more big losses yesterday. The situation in Japan continued to pressure contracts. Lower futures pushed cash fed cattle prices lower this week. Cash beef prices were however, higher.

April live cattle down $3 at 110-50.

April feeders down 2-95 at 127-70.

April Class III milk up nine cents at 16-49.

USDA issues a Cattle on Feed report Friday.

I’m Greg Martin and that’s Market Line on Northwest Aginfo.net.