01/27/09 Argentina cutting off wheat exports

Market Line January 27, 2008 Wheat futures closed higher Monday. The dollar was sharply lower but Louise Gartner for the Linn Group at the Chicago Board of Trade says the major news was that Argentina will stop issuing wheat export licenses because of its drought reduced wheat crop. Gartner: "The next question is who is going to fill Brazil's needs and naturally much of that will come to the United States for pure geographic reasons. The U.S. has already seen some small sales go to Brazil just over the last few weeks. So it looks like the U.S. should garner some business from this announcement from Argentina." Canada is expected to be a tough competitor for the Argentine market. It appears Pakistan has again delayed its U.S. soft white wheat only tender by another week. On Monday Chicago March wheat was up 9 ¾ cents at 5-92 ½. March corn up 3 ¼ at 3-93 ¾. Portland soft white wheat any protein five to ten cents higher at mostly 5-85. Maximum 10.5 percent protein $6. Club wheat 7-35. Maximum 10.5 percent club wheat 7-50. HRW 11.5 % protein up 11 cents at 6-58. DNS 14% protein mixed at 8-19. No Portland barley bids. Cattle futures were higher in the early going Monday on reaction to the Cattle on Feed report but the market ran out of buyers and contracts closed lower. Boxed beef was also down. April live cattle down 20 cents at 85-60. March feeders down 102 at 91-72. March Class III milk down two cents at 10-01. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.