Strong gains for wheat and cattle futures

Market Line March 18, 2011 Wheat futures closed sharply higher Thursday regaining the big losses from Wednesday. A lower dollar, a good weekly export sales report of 24 million bushels of old crop and continued southern plains dryness were all cited as positive factors. Fears about Japan also eased.

Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange says he is focusing on three things.

Chiodo: “One is the weather, planting. That is still roughly 20, 30 to 40 days off. The problem in Japan with the nuclear plants. Of course oil prices. Analysts are still projecting something in the $150 to $200 a barrel range. If we get up there we are way too low on corn, wheat and beans.”

On Thursday Chicago May wheat up 48 ¼ cents at 7-10 ¼. July new crop up 49 ¼ at 7-45 ¼. May corn up 30 cents at 6-46 ½. Portland soft white wheat at mostly 6-93. Club wheat premium at Portland mostly 17 cents. New crop August white wheat up 35 cents at 6-85 to $7. Hard red winter 11.5 percent protein 53 cents higher at 8-54. DNS 14% protein up 49 cents at 11-08.

Cattle futures had big gains Thursday too recovering some from heavy losses. Although cash fed cattle sold lower this week boxed beef prices have been moving higher. April live cattle up 110 at 111-60. April feeders up 157 at 129-27. April Class III milk up 30 cents at 16-79.

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

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