Outside forces help futures

Market Line Oct. 25, 2011 Wheat futures closed higher at Chicago and Kansas City Monday, lower at Minneapolis, where profit taking was cited. Outside markets were called supportive with stocks and crude oil higher.

Some commentary pointed to talk that China may be buying Australian wheat and that was also helpful for wheat futures.

Weekly export inspections for wheat were near the low end of trade expectations at 17.4 million bushels. They need to average 18.4 to meet USDA projections.

USDA’s first condition rating report for the winter wheat crop put 47 percent of the crop in good to excellent condition, sixteen percent poor to very poor. Numbers very similar to last year at this time.

On Monday Chicago December wheat up 10 ½ cents at 6-42 ½. December corn up 1 ¾ cents at 6-51. Portland soft white wheat and club wheat three to five cents higher at mostly 6-33. Hard red winter 11.5 percent protein 12 cents higher at 8-01. DNS 14% protein mixed at mostly 10-01.

Cattle futures closed higher Monday after early pressure from the Cattle on Feed report. The influence of outside markets like the lower dollar and higher stock marked were cited. December live cattle up 72 cents at 122-87. November feeders up seven cents at 142-80. November Class III milk up 22 cents at 17-87.

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

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