Disappointing exports but wheat futures end higher
Market Line August 26, 2011 Wheat futures closed higher Thursday. The weekly export sales report for wheat was under trade expectations and Egypt again purchased all Russian and Romanian wheat in a tender, but commentary says short covering and lack of drought busting rains for the southern plains winter wheat areas were positives. Allen Motew of QT Weather for the Linn Groups emphasizes how dry it is in southern Kansas. Motew: “Southern Kansas is showing soil moisture conditions of essentially 98 to 99% short to very short.” On Thursday Chicago September wheat up eight cents at 7-57 ¼. September corn up a half cent at 7-32 ¼. No August Portland soft white wheat and club wheat bids. First half September three to five cents lower at $7 to 7-15. Hard red winter 11.5 percent protein up 13 to 14 cents at mostly 8-93. No DNS bids at Portland. September wheat futures at Minneapolis were up 8 ¾ cents at 9-34 ¾. Live cattle futures were mostly higher Thursday with feeder contracts lower. Cash fed cattle have sold lower this week at 112-50 to 113 but boxed beef was higher yesterday. Some concern about the impact of Hurricane Irene on east coast beef demand was mentioned. Expectations of lower poultry production into the 4th quarter was positive. October live cattle up 17 cents at 114-10. October feeders up 17 at 132-20. A rebound in the cheese market had September Class III milk limit up 75 cents at 18-53. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
