01/30/09 A very disappointing export sales report

Market Line January 30, 2008 Wheat futures led the grains complex lower Thursday. The major bearish factor was the weekly export sales report. Louise Gartner for the Linn Group at the Chicago Board of Trade called the numbers appalling. Gartner: "Twenty-three thousand tons net sold and a minus 80-thousand for new crop. All that coming as a result of a 350-thousand ton cancellation by Nigeria. So the wheat market really taken aback after last week seeing a better than expected export sales, up in the 400-thousand, after being the dismal, less than 100 during the holidays. Now we are back to square one." On Thursday Chicago March wheat was down 17 ¼ cents at 5-78. March corn down 2 ¾ at 3-81 ¾. Portland soft white wheat any protein five to eight cents lower at mostly 5-70. Maximum 10.5 percent protein 5-85. Club wheat 7-20. Maximum 10.5 percent club wheat 7-35. HRW 11.5 % protein down 18 cents at 6-42. DNS 14% protein down 13 cents at 8-17. No Portland barley bids. Cattle futures were mixed Thursday. A weak stock market, disappointing cash fed cattle sales and wholesale beef demand were all negative. April live cattle down a dime at 84-32. March feeders up a nickel at 90-62. Cheese pit activity again helped milk futures with March Class III milk up 25 cents at 10-48. USDA issues its semiannual cattle herd inventory report later today. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.