Wheat futures lower and cattle mixed

Market Line September 22, 2011 Wheat futures had modest losses Wednesday. There was early weakness from a higher dollar and commentary also pointed to long liquidation ahead of the Federal Reserve meeting yesterday.

The dry outlook for the U.S. southern plains, the Ukraine and Argentina offered support. But overall Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange says there wasn’t much action.

Chiodo: “Real quite day. Volume was slow. We are on a slow slide here on the futures. We‘ll sit around and wait for some news.”

The weekly export sales report is out this morning and traders will also be looking for the results of an Egyptian wheat tender.

On Wednesday Chicago December wheat down eight cents at 6-66 ¾. December corn down 4 ½ cents at 6-85 ¾. Portland soft white wheat and club wheat for September mostly 6-58. Hard red winter 11.5 percent protein was mixed at mostly 8-09. DNS 14% protein also mixed at 9-46.

Cattle futures were mixed Wednesday with live contracts mostly lower. Trader are still thinking most cash cattle will trade at least steady this week. Economic concerns were said to provide pressure to deferred contracts. There is a Cattle on Feed report tomorrow. October live cattle up 55 cents at 119-25. October feeders down two cents at 137-50. October Class III milk up 37 cents at 17-77.

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

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