Grain futures get outside pressure

Market Line September 7, 2011 Wheat futures closed lower Tuesday following the long holiday weekend. Outside markets provided the pressure. Terry Roggensack with the Hightower Report says one of the factors was a higher U.S. dollar.

Roggensack: “The dollar moving to the highest level since mid-June helping to pressure the market.”

The wheat export inspection report came in at just over 21 million bushels and that was near the low end of expectations.

Traders will be looking for results this morning of an Egyptian wheat tender issued after the market closed Tuesday.
 

A U.S. ag attache says low internal prices in Russia could cause some farmers to leave their wheat unharvested but a Russian analytical firm disputes that saying prices are still profitable.

On Tuesday Chicago December wheat down 15 ½ cents at 7-60. December corn down 4 ¼ cents at 7-55 ¾. Portland soft white wheat and club wheat down a penny to five cents at mostly 7-02. Hard red winter 11.5 percent protein down nine cents at mostly $9. DNS 14% protein down 11 cents at 10-23.

Cattle futures saw strong gains Tuesday. Late Friday sales of cash fed cattle at steady to higher prices were cited as the major factor. That’s created talk of perhaps higher prices this week. October live cattle up 217 at 116-97. October feeders up 152 at 134-47. October Class III milk down seven cents at 18-80.

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

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