Speculators now short Chicago wheat
Market Line September 19, 2011 Friday’s Commitment of Traders report from the CFTC showed speculators reduced their net long positions by over 27-thousand contracts for all wheat and are now net short Chicago wheat. Friday wheat futures closed lower. There was an early bounce on talk of reduced spring wheat harvested acres based on new Farm Service Agency data but a break in other grains took wheat lower too. The southern plains may get some more scattered showers but Allen Motew with QT Weather for the Linn Group says: Motew: “Calculations are that 30% of the nation‘s winter wheat will have to go in to areas that are in exceptional to extreme drought.” On Friday Chicago December wheat down 7 ¾ cents at 6-88 ½. December corn down nine cents at 6-92. Portland soft white wheat and club wheat steady to a dime lower at mostly 6-78. Hard red winter 11.5 percent protein down 11 cents at 8-29. DNS 14% protein five to 15 cents lower at 9-54. Cattle futures were mixed Friday. There was follow through selling from Thursday. Some cash fed cattle also sold at 117, down a dollar from the previous week while traders had been looking for firm prices. Analysts are mentioning that beef cow slaughter in the southern plains due to drought since July 1st is up 47 percent over the same period last year. October live cattle down 40 cents at 118-50. October feeders down 30 at 137-47. October Class III milk up a penny at 18-52. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
