Wheat futures mostly lower; cattle higher

Market Line August 15, 2011 Only nearby Chicago wheat futures closed higher Friday with the largest losses posted at Kansas City. There was some short covering by funds and positioning for the weekend. Talk continues about Russia and the Ukraine being aggressive competitors in the export market. Just not much fundamental news for traders.

Greg Wagner with GWX Agrivisors at the CME explains what he expects this week in grains.

Wagner: “I think the tail is going to wag the dog in the sense that the equity markets will influence the grain markets. We have absorbed the crop production, supply demand reports, and we will go from there.”

On Friday Chicago September wheat up 1 ¼ cents at 7-02 ½. September corn down ¾ of a cent at 7-01 ¾. Portland soft white wheat and club wheat steady to a nickel lower at mostly 7-02. Hard red winter 11.5 percent protein down 12 cents at 8-36. DNS 14% protein down two cents at mostly 9-81.

Cattle futures were higher Friday. Outside forces including a higher stock market were positive but cash fed cattle also traded up to 117 and boxed beef was higher. There is talk about retailer demand for Labor Weekend. Beef exports also continue strong. October live cattle up 92 cents at 120-45. October feeders up 137 at 138-70. September Class III milk up 37 cents at 19-49.

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

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