Wheat futures lower and cattle higher again
Market Line September 8, 2011 Wheat futures closed lower Wednesday. U.S. dollar weakness helped early but Charles Nedoss of Olympus Futures at the CME pointed to a couple of fundamental factors that were negative. Nedoss: “You also some pressure in wheat coming from a larger than expected Canadian wheat stocks number. We also saw lack of participation by the U.S. in an Egyptian tender. They did tender for 300-thousand metric tons of wheat but that was sourced out of Russia and Kazakhstan.” Because of the holiday this week the weekly export sales report from USDA will be out Friday morning instead of today. .
On Wednesday Chicago December wheat down 8 ½ cents at 7-51 ½. December corn down 7 3/4 cents at 7-48. Portland soft white wheat and club wheat steady to a nickel higher at mostly 7-04 for first half September. Hard red winter 11.5 percent protein down seven cents at mostly 8-94. DNS 14% protein down a nickel at 10-17. Cattle futures were higher again Wednesday. The higher stock market was cited as a factor as were trader expectations of higher cash fed cattle this week though larger show lists are also expected. October live cattle up 67 cents at 117-65. October feeders up 32 at 134-80. October Class III milk down 34 cents at 18-46. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
