Wheat futures higher but news bearish
Market Line December 7, 2011 Wheat futures had modest gains Tuesday. This came despite news of a new record high estimate for the Australian wheat crop. Rain in eastern Australia may affect quality. Canada also reported this year’s wheat production a million metric tons higher than trade estimates at 25.3 million tons, up nine percent from last year. On Tuesday Chicago March wheat up 1 ½ cents at 6-13. March corn up 5 ½ cents at 5-96 ½. Portland soft white and club wheat up a nickel to down a nickel at mostly 5-94. 11.5 protein hard red winter up three cents at mostly 7-29. DNS 14 percent protein up a penny at 9-72. Cattle futures closed lower Tuesday. There was carry over technical selling from Monday. Futures discount to cash did provide some support. I’m Bob Hoff
Egypt bought wheat from Russia and Argentina.
Talk of an oversold market slowed selling and allowed a recovery.
Boxed beef was up at mid-day but down from a week ago. This is the holiday season that usually sees a drop off in beef demand. February live cattle down 70 cents at 119-55. January feeders down 217 at 142-12. January Class 3 milk down 11 cents at 11-37.
