01/09/09 China buys British wheat

Market Line January 9, 2008 Wheat futures were mixed Thursday. The weekly export sales report was disappointing at just under 42-thousand metric tons. There was also news Egypt purchased more Russian wheat. And Louise Gartner for the Linn Group at the Chicago Board of Trade says China has purchased wheat from Britain of all places. Gartner: "The word had been of course all fall that Great Britain had nothing but feed quality wheat. Be as it may, China did buy a cargo from them. That is due in part to the British Pound breaking significantly making them much more competitive. Of course that also follows record British production for 2008." On Monday USDA issues Quarterly Grains Stocks and Winter Wheat Planted Acres as well as supply and demand updates. On Thursday Chicago March wheat was down ¾ of a cent at 6-12 ½. March corn down 9 ¾ at 4-06 ¾. Portland soft white wheat any protein steady to five cents lower at mostly 5-80. Maximum 10.5 percent protein 5-90. Club wheat 7-30. Maximum 10.5 percent club wheat 7-40. HRW 11.5 % protein down four cents at 6-70. DNS 14% protein four to nine cents lower at 8-45. No Portland barley bids. Cattle futures saw big losses again on Thursday as funds sold and there was bearishness about the cash market. Feb live cattle down 262 at 83-15. March feeders down 102 at 92-25. A higher cash bid on cheese finally helped milk futures turn up with Feb Class III milk up 41 cents at 9-91. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.