Mixed wheat and cattle futures

Market Line Oct. 19, 2011 Wheat futures closed mostly lower at Chicago and Kansas City Tuesday, higher at Minneapolis where tight supplies of protein wheat were a factor along with short covering.

Weekly export inspections for wheat were 16.3 million bushels, at the low end of trade expectations.

Dan Smith of Top Third AG Marketing says there is still a lot of focus on Europe.

Smith: “In the upcoming days all eyes are going to be focused on the finance minister‘s conference this weekend trying to put some sort of termination to the Greek debt woes. The market is on edge waiting for this to happen.”

The Canadian government yesterday presented Parliament with draft legislation that will end the Canadian Wheat Board’s export monopoly on wheat and barley.

On Tuesday Chicago December wheat up a penny at 6-25 ¼. December corn up 3 ½ cents at 6-44. Portland soft white wheat and club wheat steady to a penny higher at mostly 6-17. Hard red winter 11.5 percent protein mixed at 7-77. DNS 14% protein up nine cents at 9-94.

Cattle futures were mixed Tuesday. Some profit taking was cited as well as poor packer margins that could make it hard for beef prices to move higher. Market ready supplies of cattle are still seen as tight. December live cattle down 32 cents at 123-32. November feeders down 102 at 143-40. November Class III milk up 17 cents at 17-65.

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

Now this.