Early pressure but wheat futures close up

Market Line December 2, 2011 Wheat futures posted gains at all exchanges Thursday. There was early pressure from a firming dollar. Weekly export sales for wheat came in within trade expectations.

Jerrod Kitt with the Linn Group at the CME says the market mood helped.

Kitt: “Renewed risk-on atmosphere is kind of helping things out. It is Christmas after all and that central bank announcement helped kind of support us here.”

Goldman Sachs is advising producers to take advantage of any rally in crop prices to implement hedge programs for the 2012-2013 crop year, especially for wheat.

On Chicago March wheat up a quarter cent at 6-14 ¼. March corn down 6 ½ cents at 6-01 ½. Portland soft white wheat and club wheat called steady at mostly 5-91. Hard red winter 11.5 percent protein up eight cents at 7-19. DNS 14% protein up eight cents at 9-67.

Cattle futures were mostly higher Thursday. Technical buying was cited as a factor as expectations are now that cash fed cattle may sell lower this week and boxed beef has been weak. Ideas that unemployment probably won’t get much worse were also noted. February live cattle up 12 cents at 123-72. January feeders up seven cents at 146-10. January Class III milk up 15 cents at 7-34.

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

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