A market holiday

Market Line September 5, 2011 Futures exchanges and USDA Market news are closed today for the Labor Day holiday. Going into the long weekend Friday grain futures put in strong gains recovering much of the big losses suffered on Thursday. The market was seen as oversold.

Wheat got help from higher corn and Jerrod Kitt with the Linn Group at the CME says falling yield estimates for corn are a major focus of the market right now.

Kitt: “Corn has basically see production estimates revised lower 400-500 million bushels a month since July.”

The dry southern plains in the U.S. and a dry start for Argentina’s wheat crop were cited as supporting factors.

On Friday Chicago December wheat up 14 ½ cents at 7-75 ½. December corn up 21 ½ cents at 7-60. Portland soft white wheat and club wheat for first half September steady at mostly 7-03. Hard red winter 11.5 percent protein up eight cents at 9-10. DNS 14% protein up 11 cents at mostly 10-28.

Cattle futures closed higher Friday. There was early pressure from that negative employment report but then short covering took over. There was talk that this week’s beef demand may not be as bad as previously thought. There was no cash fed cattle trade during for the week before futures trading closed. October live cattle up 120 at 114-80. October feeders up 17 at 132-95. October Class III milk up 12 cents at 18-87.

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

Now this.