Wheat futures mostly lower with cattle contracts higher
Market Line Nov. 23, 2011 Wheat futures closed lower Tuesday with the only exception being December at Chicago. Slow export news offered pressure. Declining cash prices were cited for the sharply lower Minneapolis futures. It is a holiday week and Dan Cekander with Newedge at the CME says volume was down. Cekander: “You have to keep in mind we had kind of a subdued trade here. You know it is a holiday week. Course the holiday Thanksgiving on Thursday and then a shortened session on Friday on the grain floor. On Tuesday Chicago December wheat up 2 ½ cents at 5-94. December corn up 1 ¼ cents at 5-99. Portland soft white wheat and club wheat five to ten cents lower at mostly 5-78. Hard red winter 11.5 percent protein down eight cents at 7-19. DNS 14% protein down 26 cents at 9-72. Cattle futures put in good gains Tuesday. Commentary mentioned strengthening beef prices and technical buying as support levels held. There was also positioning ahead of the Thanksgiving holiday. The South Korean National Assembly ratified the Free Trade Agreement with the U.S. yesterday. December live cattle up 147 at 121-45. January feeders up 85 at 147-02. December Class III milk down 33 cents at 18-32. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
So more of a moderate type trade.”
