Wheat futures lower
Marketline December 8, 2011 Wheat futures were lower Wednesday posting some double digit losses. Charles Nedoss of Olympus Futures at the CME says there was positioning for Friday’s USDA supply and demand updates for grains and also for wheat:
Nedoss: “Wheat got pressure from European debt concerns and it also faces stiff export competition. I think the dollar has to go lower to generate some sales.
On Wednesday March Chicago wheat was down 12 ½ cents six dollars and a half cent. March corn down 3 3/4 cents at 5-92 3/4. Portland cash white wheat and club wheat steady to a nickel lower at mostly 5-90. HRW 11.5 percent protein down 15 cents at 7-14. Dark northern spring 14% protein down nine cents at 9-63.
Cattle futures were mixed Wednesday. Outside markets and concern about beef demand through the New Year’s holiday provided pressure. There has been little cash fed cattle action so far this week. Short covering offered support. Feb live cattle up 22 cents at 119-77. Jan feeders up 60 cents at 142-73. Jan Class III milk down 15 cents at 17-22.
I’m Bob Hoff and that’s Marketline
