Wheat futures up early, down late
Market Line Oct. 20, 2011 Wheat futures closed lower at Chicago and Kansas City Wednesday, higher at Minneapolis. Weakness in the dollar and a dry outlook for the plains had wheat futures higher early but the dollar then gained some strength and wheat was pressured late. Dustin Johnson with EHedger at the CME notes that corn and wheat have been range bound since the last USDA report. Johnson: “Corn is still trading at a little bit of a premium to wheat. With that discount in the wheat that is going to hold corn somewhat steady in our opinion as we think a lot of the feed usage could switch over to wheat eventually.” Weekly export sales are out this morning. On Wednesday Chicago December wheat down 5 ¾ cents at 6-19 ½. December corn down 5 ½ cents at 6-38 ½. Portland soft white wheat and club wheat four to ten cents higher at mostly 6-23. Hard red winter 11.5 percent protein down six cents at 7-71. DNS 14% protein up a penny at 9-95. Cattle futures were mixed Wednesday. Ideas of firm cash fed cattle prices this week offered front month support. Traders were also positioning ahead of tomorrow’s monthly Cattle on Feed report. December live cattle down 37 cents at 122-95. November feeders down 75 at 142-65. November Class III milk down 29 cents at 17-36 ahead of USDA reporting September milk production in the major states was up 1.9 percent from September of 2010. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. ? Now this.
