News on the Greek debt front helps grain futures

Market Line Oct. 28, 2011 Wheat futures turned to double digit gains Thursday. Weekly export sales for wheat at just over 11-million bushels were disappointing but the news out of Europe on the Greek debt situation was positive and was a plus for commodity markets. Dan Cekander with Newedge at the CME says the GDP number for the U.S. also helped.

Cekander: “So as long as the trade perceives that we are not going to do a double-dip here and go back into a recession it is something that is positive for the commodity trade. Especially given a lot of funds have virtually liquidated their long positions due to the uncertainty over this European debt situation.”

On Thursday Chicago December wheat up 24 ½ cents at 6-44. December corn up 14 ¼ cents at 6-51 ½. Portland soft white wheat and club wheat steady to a nickel higher at 6-30. Hard red winter 11.5 percent protein up 22 cents at 8-06. DNS 14% protein up 13 cents at mostly 10-09.

Cattle futures were mixed Thursday. Outside markets provided support but there are concerns about what high beef prices will do to demand. Some cash cattle traded down a dollar from last week. Boxed beef was higher.

December live cattle down 52 cents at 119-90. November feeders down 12 cents at 141-57. November Class III milk up 21 cents at 18-09.

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

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