Nearby Chicago wheat and Portland soft white under $6

Market Line Nov. 18, 2011 There were sharp drops in wheat futures Thursday though losses at Minneapolis were a third of those at Chicago and Kansas City. Poor weekly exports sales for wheat was cited as well as weakness in corn due to more export competition from Ukraine. White wheat exports are now eight percent behind last year.

Joe Vaclavik of Straits Financial at the CME also pointed to some of the usual suspects as of late.

Vaclavik: “You always have the European debt concern. That again really smashed some of the commodities. Had crude oil, gold and silver all sharply lower.”

Russia may start buying wheat for intervention stocks later this month which could firm up prices and remove some wheat from the market.

On Thursday Chicago December wheat down 24 ¼ cents at 5-92 ½. December corn down 28 ¼ cents at 6-14 ½. Portland soft white wheat and club wheat down 15 cents at mostly 5-92. Hard red winter 11.5 percent protein 21 to 23 cents lower at 7-27. DNS 14% protein down 8 to 13 cents at 10-17.

Live cattle futures were lower Thursday, feeders higher with lower corn a plus there. The commodity sell off hit live contracts as traders await this afternoons Cattle on Feed report and cash fed cattle sales. Reports are suggesting Canada may have won its case against the U.S mandatory country of origin labeling law. December live cattle down 105 at 121. January feeders up 70 cents at 149-57. December Class III milk down 75 cents at 18-23 on lower spot cheese and butter prices.