Southern Plains gets dry winter forecast

Market Line Oct. 21, 2011 Wheat futures were higher Thursday with the smallest gains posted at Minneapolis. Wheat was down early but analysts said late news of a possible partial solution to the debt issues in Europe sparked a rally. Weekly export sales for wheat were actually under trade expectations at 14.7 million bushels.

Dryness in the southern plains continued to support wheat and Allen Motew of QT Weather for the Linn Group at the CME says the winter forecast from the Climate Center for the southern plains is dry.

Motew: “Saying that we are going to have a drier than normal and warmer than normal period in November as well as for December and January across this region.”

But Motew says there is the chance of good rainfall for that area about ten days out.

On Thursday Chicago December wheat up 11 ¼ cents at 6-30 ¾. December corn up 11 cents at 6-49 ½. Portland soft white wheat and club wheat steady to a penny higher at mostly 6-23. Hard red winter 11.5 percent protein 19 cents higher at 7-90. DNS 14% protein steady at 9-95.

Cattle futures were mixed Thursday. Commentary pointed to profit taking ahead of this afternoon’s Cattle on Feed report. Cash fed cattle traded at 120 to 121, mostly two dollars higher than last week. Boxed beef was firm. December live cattle down 115 at 121-80. November feeders down 62 cents at 142-02. November Class III milk up six cents at 17-42.

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

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