Japan buys Ukrainian corn

Market Line Nov. 17, 2011 Wheat futures were lower at Chicago and Kansas City Wednesday but higher at Minneapolis. Wheat was up early on what was a weak dollar and higher crude oil but then the dollar recovered.

Jack Scoville of Price Futures Group at the CME sees wheat moving sideways with the strong export competition out there but says keep an eye on weather in Ukraine and Russia.

Scoville: “There has not been any beneficial rains in either country right now and the weather is much harsher there than for our winter wheat crop so it could be something to keep an eye. There is thought that there could be a lot of winterkill and crop loss this year.”

The U.S. generally supplies Japan with most of its corn needs but the high price of U.S. corn has Japan buying corn from Ukraine for the first time in many years.

On Wednesday Chicago December wheat down 16 cents at 6-16 ¾. December corn down 2 ¾ cents at 6-42 ¾. Portland soft white wheat and club wheat steady to two cents higher at mostly 6-07. Hard red winter 11.5 percent protein 18 to 20 cents lower at mostly 7-48. DNS 14% protein up eight cents at 10-27.

Cattle futures were mixed Wednesday. Wholesale beef prices were again higher but there was no cash fed cattle action. Short covering was noted. Analysts say a very wide spread between and choice and select indicates feedlots are very current. Tomorrow is USDA’s monthly Cattle on Feed Report. December live cattle up 32 cents at 122-05. January feeders up 50 cents at 148-87. December Class III milk down 56 cents at 18-98 as cheese prices turned lower.

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

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