Weak corn pressures Chicago wheat

Market Line September 16, 2011 Wheat futures were higher at Kansas City and Minneapolis Thursday but lower at Chicago where contracts got spillover pressure from corn. Charles Nedoss of Olympus Futures at the CME says row crops were pressured by a frost in parts of the cornbelt that wasn’t as bad or widespread as anticipated. Also for wheat Nedoss says;

Nedoss: “There were some good rains in the drought stricken areas of the southern plains. Wheat traders also did sell technically. We took out the $7 mark which had provided pretty good support for the last two trading sessions.”

Reports suggested Jordan purchased wheat from the Black Sea region.

On Thursday Chicago December wheat down 8 ½ cents at 6-96. December corn down 23 ¼ cents at 7-01. Portland soft white wheat and club wheat steady to a dime lower at mostly 6-82. Hard red winter 11.5 percent protein up three cents at 8-40. DNS 14% protein six to 11 cents higher at 9-65.

After a big day up Wednesday cattle futures put in some big losses Thursday. Analysts say the sharp drop in grains sparked liquidation and futures may have been getting ahead of the cash fed market, which had not been active yet. October live cattle down 210 at 118-90. October feeders down 117 at 137-77. October Class III milk up a penny at 18-51.

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

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