Wheat futures lower and cattle mixed
Market Line September 29, 2011 Wheat futures closed lower Wednesday. Economic concerns in Europe, weakness in energy and a higher dollar were negative for grains. There was some thought the market was over bought. Southern plains dryness continued to provide underlying support. After the close Egypt tendered for wheat. This morning is the weekly export sales report. Friday is the USDA’s small grains summary and quarterly stocks report. It was reported at the Washington Grain Commission yesterday that a lot of PNW wheat is going for feed, even club wheat. There has just not been much swing demand for soft white wheat. Farmers did not sell much during harvest but recent soft white wheat price decline brought some farmer selling. On Wednesday Chicago December wheat down 19 ½ cents at 6-38 ¾. December corn down 21 ½ cents 6-30 ¾. Portland soft white wheat and club wheat for 1st half October two to five cents lower at mostly 6-39. Hard red winter 11.5 percent protein down 26 cents at 7-82. DNS 14% protein down eight cents at 9-97. Cattle futures were mixed Wednesday. Contracts were caught in the general commodity sell off. Cash fed cattle had not yet traded for the week. December live cattle up 20 cents at 120-85. November feeders up seven cents at 141-92. November Class III milk down 37 cents at 16-64. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
