01/16/09 Wheat export sales continue to disappoint

Market Line January 16, 2008 Wheat futures were lower at Chicago and Kansas City Thursday, fractionally higher at Minneapolis. Louise Gartner for the Linn Group at the Chicago Board of Trade says once again the weekly export sales report was bearish. Gartner: "Coming in at only 168-thousand tonnes. That was below the low end of the range of 200-400-thousand tonnes. Eighty-eight of that coming with old crop and 80-thousand for next year's crop." One positive note; Egypt has purchased a cargo of U.S. soft red winter wheat. There was discussion at this week's Washington Wheat Commission meeting that premiums of $1.50 a bushel for club wheat over soft white may lead some western white wheat buyers to just purchase straight soft white. On Thursday Chicago March wheat was down 5 ½ cents at 5-68 ¾. March corn down 1 ¼ at 3-65 ¼. Portland soft white wheat any protein steady to a dime lower at 5-65. Maximum 10.5 percent protein 5-75. Club wheat 7-15. Maximum 10.5 percent club wheat 7-25. HRW 11.5 % protein down a nickel at 6-33. DNS 14% protein unchanged at 8-12. No Portland barley bids. Live cattle futures were steady to higher Thursday with feeders lower. Short covering helped live contracts along with better cash fundamentals. Feb live cattle up a dollar at 84-35. March feeders down 32 at 94-30. Feb Class III milk hit a new low, down 13 cents at 9-32 on weak block cheese prices. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.