Traders return

Market Line December 26, 2011 As futures traders get back to business today after the long holiday weekend, South American weather will be on their minds. Its important for the corn market right now and that can spillover to wheat.

Scott Shellady with ICAP U.S. at the CME sums up the market factors to keep in mind.

Shellady: “We’ve got some issues in South America. We have economic issues here in the United States. We have problems in Europe and we have a Chinese economic slowdown. Take all those things into consideration.”

Late last week exporters reported to USDA the sale 120-thousand metric tons of U.S. hard red winter wheat to Nigeria.

Officials in India are talking about another large wheat crop perhaps surpassing this year’s record.

In the last trading session, which was Friday, Chicago March wheat up a quarter cent at 6-22. March corn up 2 cents at 6-19 1/2. Portland soft white wheat and club wheat were steady at 5-93. Hard red winter 11.5 percent protein up two cents at mostly 7-29. DNS 14% protein up a penny at 9-78.

Some higher cash prices helped cattle futures close up on Friday. Boxed beef was also up on good demand. Traders were also looking at the possibility of another winter storm for plains cattle states. There was some talk of the market being technically overbought. On Friday February live cattle up 87 cents at 124-32. March feeders up 80 cents at 150-45. February Class III milk down 35 cents at 17-12.

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

Now this.