Wheat and cattle futures higher

Market Line Oct. 6, 2011 Wheat futures turned higher Wednesday posting some good gains. Analysts said there was less fear about economic problems in Europe. The lower dollar also helped. Short covering was also seen. Corn futures helped wheat move higher too.

Reports Morocco may suspend import duties on wheat was also taken as positive.

Rain is still forecast for the southern U.S. plains which will help winter wheat planting there and may have limited buying yesterday.

This morning USDA issues the weekly export sales report.

On Wednesday Chicago December wheat up 21 ¼ cents at 6-25 ¼. December corn up 17 ¾ cents at 6-05 `½. Portland soft white wheat and club wheat steady to a dime higher at mostly 6-25. Hard red winter 11.5 percent protein 13 to 23 cents higher at 7-60. DNS 14% protein ten to 20 cents higher at mostly 9-87.

Cattle futures were higher Wednesday. More stable financial markets were cited as helpful and so were some cash fed cattle sales at 121, a dollar higher than last week. Precipitation headed for the southern plains should help pasture conditions. December live cattle up 110 at 122-65. November feeders up 85 at 141-75. November Class III milk up 35 cents at 17-07.

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

Now this.