Better export sales but wheat futures lower

Market Line Nov. 28, 2011 Wheat futures closed lower in a short session Friday. Weekly export sales came in well above trade expectations but James Barnett of the Contrarian’s Dilemma at the CME says;

Barnett: “Again a lot of global competition. We had export sales of over 600-thousand tons but in the big picture wheat has ample supplies domestically and globally and that hangs over the market.”

Buying corn and selling wheat futures was noted Friday. Weather has also been improving for southern plains winter wheat.

The International Grains Council cut their forecast for 2011-12 global wheat production by one million tons to 683 million. It was 653 million last year.

On Friday Chicago March wheat down 6 ½ cents at 5-87 3/4. March corn down 6 ½ at 5-89. USDA Market News did not report Portland cash prices Friday. In the last report from Wednesday Portland soft white wheat and club wheat steady at 5-78. Hard red winter 11.5 percent protein steady to a dime lower at 7-12 and DNS 14 percent protein down 20 cents at 9-52.

?Cattle futures were lower Friday. Outside markets were supportive early in the session. Weekly beef export sales were down from the previous week but are running nearly 28 percent above last year’s pace. February live cattle down 45 cents at 122-30. January feeders down 117 at 144-62. Milk futures did not trade Friday.

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