After early support wheat futures close mixed

Market Line December 16, 2011 Analysts say wheat futures had early support Thursday from a weaker dollar and higher soybeans but weak export demand provided weakness and contracts closed mixed. USDA’s weekly export sales report came in within trade expectations but was nothing exceptional. Total accumulated U.S. wheat exports are running 24 percent behind last year at this time. White wheat exports are one percent behind a year ago.

It appears the E.U. will have a good supply of exportable wheat for the second half of the marketing year. Argentina also upped its wheat crop estimate.

On Thursday Chicago March wheat down 1 ½ cents at 5-79 ¼. March corn down 1 ¾ cents at 5-79. Portland soft white wheat and club wheat five to ten cents lower at mostly 5-75. Hard red winter 11.5 percent protein up two cents at 6-90. DNS 14% protein steady at 9-51.

Cattle futures were mixed on Thursday. Outside market support was cited by analysts as was positioning ahead of this afternoon’s Cattle on Feed report. Boxed beef was higher. Cash fed cattle trading still hadn’t developed yesterday. February live cattle up 37 cents at 119-15. January feeders up 22 cents at 143-97. January Class III milk up a penny at 16-77.

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

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