Mixed Market Day

Mixed Market Day

I'm KayDee Gilkey with the Market Line Report for January 30, 2012.

On Friday, the continued push down in the US dollar failed to support the wheat market even with news of increased interest in US wheat.

James Barnett, commodity analyst with A Contrainian’s Dilemma shares his observations of Friday’s market:

Barnett: “A mixed day on the floor. Corn was up 7 1/2 cents on the day and wheat was down 6 cents. Again, mixed day but as a whole consolidated gains on the week.”

March corn was up 7 1/2 cents at 6-41 and 3/4. March Wheat ended Friday down 6 and 1/4 cents at 6-47 and 1/4.

Portland prices for soft white wheat and club wheat increased several cents to a range of 6-70 to 6-75. Hard Red Winter Wheat with 11.5 pct protein was at a range of 7-66 to 7-76. DNS wheat with 14 pct protein was at mostly 9-56 to 9-71 range.

The USDA’s Cattle Inventory Report was released Friday and showed All Cattle & Calves within expectations at 98% of year-ago levels. Where traders are surprised by the data is in the beef replacement heifers category, which came in 1 percent above year-ago. That's bullish for live cattle futures as it means fewer heifers in the slaughter mix.

February live cattle were up 15 cents at 124-70. March feeder cattle were up 97 cents at 154-60. February class III milk was up 6 cents at 16-64.

I'm KayDee Gilkey on the Northwest Ag Information Network.