Outside factors help ag

Market Line Nov. 29, 2011 Wheat futures were higher at Chicago and Minneapolis and lower at Kansas City with some good moisture in the southern plains. In addition to being perhaps oversold, Mario Balleto with Citi Group Global Markets at the CME says outside events helped grains.

Balleto: “There are hopes that the EU policy makes are going to be taking steps to contain the debt crisis in the EU. So there is optimism on that front, but we have been there before so we will see what happens.”

A strong stock market on Black Friday sales and a lower dollar were supportive as well.

Weekly export inspections for wheat came in as expected.

On Monday Chicago March wheat up four cents at 5-93. March corn up 8 ½ cents at 5-98 ½. Portland soft white wheat and club wheat steady to a nickel higher at mostly 5-76. Hard red winter 11.5 percent protein mostly $7 with no comparison. DNS 14% protein mostly 9-52.

Cattle futures were mostly higher Monday with nearby December live cattle an exception as traders await to see what packers are willing to pay this week. Outside markets were seen as friendly. Yahoo.com has reported a new case of BSE in Japan in a 23 month-old cow, which has officials there wondering it is a new strain that may not be picked up by standard screening. In the futures, February live cattle up 25 cents at 122-55. January feeders up a dime at 144-72. January Class III milk up 52 cents at 17-50.

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

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