A storm for the southern plains

Thursday Dec 1st, 2011 21 Views

Market Line December 1, 2011 Outside markets had wheat futures higher early in Wednesday’s session but contracts closed lower at all exchanges, except for spot December at Chicago.

Some traders said a storm for the southern plains provided pressure. Allen Motew with QT Weather for the Linn Group at the CME says the most significant moisture will begin tomorrow.

Motew: “Friday, late Friday into Saturday and throughout Saturday heavy snows fall across Kansas, southeast Colorado, the Oklahoma Panhandle and heavy rains over the Oklahoma-Texas area.”

Talk of a larger Russian winter wheat crop for 2012 was an added negative for wheat. This morning is the weekly export sales report from USDA.

On Wednesday Chicago March wheat down two cents at 6-14. March corn up 2 ½ cents at 6-08. Portland soft white wheat and club wheat up a dime at mostly 5-95. Hard red winter 11.5 percent protein seven to nine cents lower at 7-10. DNS 14% protein 10 to 15 cents lower at 9-59.

Cattle futures traded higher Wednesday. Credit again went to outside forces like a lower dollar and higher stock market on word central banks will provide more liquidity to help with the European debt crisis. February live cattle up 115 at 123-60. January feeders up 120 at 146-02. January Class III milk down 33 cents at 17-19.

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

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