Wheat futures up and cattle mixed

Market Line December 14, 2011 Wheat futures had modest gains Tuesday. The dollar was higher but a strong energy market helped grains with some short covering noted.

Ukraine officials reported 22 percent of their winter grain did not emerge and that 34 percent of the crop that did emerge is rated poor.

Egypt purchased 180-thousand metric tons of Russian, Argentine and French wheat. Yemen too bought wheat from Russia and Argentina.

Chris Robinson with Top Third AG Marketing at the CME sums up the market.

Robinson: “These markets are reacting of the outside markets. Chart wise we have soybeans at 14-month lows. Wheat at contract lows. Corn at eight month lows.”

On Wednesday Chicago March wheat up 6 ¼ cents at six dollars and a half cent. March corn up a half cent at 5-94 ½. Portland soft white wheat and club wheat steady to a nickel higher at 5-90. Hard red winter 11.5 percent protein up four cents at mostly 7-08. DNS 14% protein six cents higher at 9-65.

Cattle futures were mixed Tuesday. Poor packer margins pressured nearby contracts while oversold conditions and higher boxed beef offered support. Beef exports, which are at record value levels, are also a positive. February live cattle unchanged at 118-65. January feeders up 90 cents at 143-90. January Class III milk up three cents at 16-78.

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

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