Wheat and cattle futures close mixed

Market Line Nov. 3, 2011 Wheat futures were mixed Wednesday though it was Minneapolis’ turn to close mostly higher. Outside markets and a lower dollar early were called supportive. Continuing export competition with the Australian wheat crop coming on and better weather for the U.S. southern plains provided pressure. A private estimate of the U.S. corn crop was slightly bearish.

Scott Shellady with ICAP at the CME sums up what traders are watching.

Shellady: “Let’s remember we have a USDA report in the middle of next week. That is the last one for the year. China is slowing down and always we have to worry about Europe.”

USDA’s weekly export sales report will be out this morning.

On Wednesday Chicago December wheat down 6 ½ cents at 6-23 ½. December corn down 9 ¼ cents at 6-45. Portland soft white wheat and club wheat two to five cents higher at mostly 6-25. Hard red winter 11.5 percent protein down six cents at 7-77. DNS 14% protein up two cents at 10-15.

Cattle futures were mixed Wednesday with front month live contracts showing the best strength. The cash market and higher equities were cited by commentators as factors along with prospects for an easing of restrictions on U.S. beef by Japan. December live cattle up 40 cents at 122. January feeders unchanged at 147-50. December Class III milk up nine cents at 17-72.

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

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