Outside markets help wheat and cattle futures
Market Line Oct. 24, 2011 Wheat futures were higher at Chicago and Minneapolis Friday, lower at Kansas City. Weakness in the dollar and higher energy prices helped grains. Short covering was also believed to be a factor. One analyst says as much as 20% of the plains hard red winter wheat crop will have problems getting established prior to winter. On Friday Chicago December wheat up 1 ¼ cents at 6-32. December corn down ¼ cent at 6-49 ¼. Portland soft white wheat and club wheat steady to seven cents higher at mostly 6-31. Hard red winter 11.5 percent protein down two cents at 7-89. DNS 14% protein up a nickel at mostly $10.00. Outside markets helped cattle futures close mostly higher Friday ahead of the USDA’s Cattle on Feed report. For the numbers in that report here is department analyst Shayle Shagum. Shagum: “We are looking at a cattle on feed inventory for October 1st of about 11.3 million head, which is up about 5% from 2010. During September we placed just under 2.5 million head, which was just fractionally above last year. Our marketing number for September was just over 1.8 million head, which was about 1% percent above a year ago.” On Friday December live cattle up 35 cents at 122-15. November feeders up 70 at 142-72. November Class III milk up 23 cents at 17-65. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
