Wheat rides row crops

Market Line December 28, 2011 Wheat futures had strong gains Tuesday. A weaker dollar was cited as helpful but most of the credit went to higher corn and soybeans which rallied on concerns over South American crops due to less than expected precipitation there over the weekend.

As for weather in the U.S., Brad Rippey, USDA meteorologist, says we are getting back to a La Nina pattern and its mild in the northern states.

Rippey: “So all across the northern tier we are seeing bare ground we are seeing bare ground as we head into the new year. Makes it easy for getting around on farms but it does make a little bit of concern for winter grains because we don‘t have any protection. If it were to turn colder, later, there is not much protection for winter grains.”

The USDA export inspection report for wheat was 13.4 million bushels. That is under what is needed weekly to meet projections.

On Tuesday Chicago March wheat up 22 ¾ cents at 6-44 ¾. March corn up 13 ¾ cents at 6-33 ¼. Portland soft white wheat and club wheat steady to 20 cents higher at mostly 6-07. Hard red winter 11.5 percent protein up 21 cents at 7-50. DNS 14% protein 18 cents higher at mostly 9-96.

Cattle futures traded mostly lower Tuesday. After big gains last week analysts said traders were taking profits. Apparently they don’t want to bid fed cattle up too much until boxed beef prices catch up. There was light volume. Outside markets were supportive. February live cattle down 112 at 123-20. March feeders down 17 cents at 150-27. February Class III milk up a dime at 17-22.

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

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