Outside factors impact grains

Market Line September 20, 2011 Wheat futures were lower Monday. There was a lot of fund selling in commodities and George Kopp of International Futures Group at the CME pointed to some outside influences.

Kopp: “Problems across the ocean with Greece and the Euro had a lot of pressure on the market. The dollar was very strong.”

Kopp also mentions rains in Australia and some moisture in the U.S. southern plains as negatives.

Weekly export inspections for wheat were actually well above trade expectations at nearly 34 million bushels.

On Monday Chicago December wheat down 15 ¼ cents at 6-73. December corn up a quarter cent at 6-92 ¼. Portland soft white wheat and club wheat 15 to 20 cents lower at mostly 6-60. Hard red winter 11.5 percent protein down sixteen cents at mostly 8-13. DNS 14% protein nine to 14 cents lower at 9-41.

Cattle futures were mostly lower Monday. There was continued pressure from last week’s lower cash cattle prices and from the stock market. There was talk feedlots have more cattle to sell this week. October live cattle down 87 cents at 117-62. October feeders down 112 at 136-35. October Class III milk limit down 75 cents at 17-77 on lower cheese prices. That was ahead of the USDA reporting that milk production in the 23 major states was up 2.2 percent in August over August of 2010.

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

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