01/26/09 Decent weekly export sales; cattle on feed numbers

Market Line January 26, 2008 Wheat futures were higher Friday with Chicago seeing double digit gains. Positive fundamental news was the export sales report which showed sales of 410-thousand metric tons for wheat, better than expected. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota isn't very enthusiastic about wheat though. He's selling into rallies. Georgantones: "Just a trading range affair I think right. I don't think demand is going to hold. Crops are pretty good around the world right now." On Friday Chicago March wheat was up 16 cents at 5-82 ¾. March corn up three at 3-90 ½. Portland soft white wheat any protein steady to 15 cents higher at mostly 5-75. Maximum 10.5 percent protein 5-90. Club wheat 7-25. Maximum 10.5 percent club wheat 7-40. HRW 11.5 % protein up 13 cents at 6-47. DNS 14% protein mixed at 8-21. No Portland barley bids. USDA's Cattle on Feed report Friday pegged the January 1 feedlot inventory down seven percent from January of 2008. Placements were down three percent and marketings in December were up two percent from the previous year. Initial reaction was friendly. Ahead of the report Friday April live cattle up 40 cents at 85-80. March feeders up 45 at 92-75. March Class III milk up 17 cents at 10-03. The Class I base price for February is 10.72 cents, down 5-02 from January and which analysts say will trigger MILC payments. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.