Wheat futures mixed; live cattle hit all-time high

Market Line Oct. 4, 2011 Wheat futures were higher at Chicago Monday and lower at Kansas City and Minneapolis. Spring wheat contracts at Minneapolis were said to be a victim of inter-market spread activity while moisture for the southern plains pressured KC.

The lastest report showed funds holding record or near record net short positions in Chicago and Terry Roggensack of the Hightower Report says that was a factor for wheat.

Roggensack: “Traders feel that we have reached that record net short and short covering was one of the factors helping to support the market again.”

After the close USDA reported 42 percent of the nation’s winter wheat has been planted compared to the five year average of 53%.

On Monday Chicago December wheat up 10 ¼ cents at 6-19 ½. December corn unchanged at 5-92 ½. Portland soft white wheat and club wheat was up a dime to down 18 cents at mostly 6-15. Hard red winter 11.5 percent protein two to seven cents lower at 7-58. DNS 14% protein down a dime at 9-89.

Live cattle futures hit all-time record highs Monday and then closed mixed. Last week’s big gain in cash fed cattle was cited as are expectations of tightening cattle supplies. Export demand remains strong. The strength of the economy still remains a concern. December live cattle up 67 cents at 123-32. November feeders down seven cents at 142-85. November Class III milk down 23 cents at 16-18.

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

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