Little wheat news; surprising feedlot placements
Market Line December 19, 2011 Wheat futures closed higher at Kansas City and Chicago Friday, lower at Minneapolis. Row crops were said to help wheat futures along with a weaker dollar. Analysts say gains continue to be limited by lack of bullish U.S. export news and adequate world wheat supplies. Informa estimates U.S. winter wheat acreage for 2012 at 39.8 million acres, down about 813-thousand from this year. On Friday Chicago March wheat up 4 ½ cents at 5-83 ¾. March corn up four cents at 5-83. Portland soft white wheat and club wheat steady to a nickel higher at mostly 5-78. Hard red winter 11.5 percent protein up two cents at 6-92. DNS 14% protein down a nickel at 9-46. Cattle futures were mostly lower Friday. There was said to be long liquidation ahead of the Cattle on Feed Report from USDA. The feedlot inventory December 1st was pegged up four percent from last year. About as expected but Shayle Shagum, USDA analyst, says the surprise was placements last month, larger than expected, up five percent. How does he explain it? Shagum: “The feedlots gotta have cattle. Some producers who are, simply had heifers they were thinking about keeping back, the money may be so good we are going to sell those animals now for the immediate profit.” Ahead of the report February live cattle down 65 cents at 118-50. January feeders down 92 at 143-05. January Class III milk up 42 cents at 17-09. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
