Wheat futures lower, cattle mixed

Market Line Nov. 15, 2011 Wheat futures saw losses at all three exchanges Monday. One bit of negative news says Greg Wagner of GWX Ag Advisors at the CME was the export inspections report for wheat.

Wagner: “Disappointing wheat exports at 10.3 million bushels. That was below the low end of the range which was 12 million bushels.”

Something like 16 to 17 million bushels is needed weekly to meet USDA’s export projection.

A strong dollar and weakness in corn were also cited as pressuring wheat.

This weeks USDA condition rating for winter wheat is 50 percent good to excellent, up a point from last week and up four from last year.

On Monday Chicago December wheat down a penny at 6-15 ¾. December corn down a nickel at 6-33 ½. Portland soft white wheat and club wheat two to ten cents lower at mostly 6-03. Hard red winter 11.5 percent protein down 12 cents at 7-55. DNS 14% protein down a nickel at 10-15.

Live cattle futures were mixed Monday with feeders higher. Traders said last week’s record high for cash fed cattle didn’t support futures as there are thoughts the seasonal peak is in for the cash market. Outside markets were also seen as negative for cattle. Boxed beef was sharply higher. December live cattle down 45 cents at 120-10. January feeders up 12 at 145-80. December Class III milk up 57 cents at 19-32 to a new high on barrel cheese prices topping $2.

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

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