wheat market loses out

Wheat Market Loses Out. I’m Greg Martin. This is Market Line

Market Line February 24, 2009

Grains finished mixed on the day corn held on to its gains while wheat faltered. Crude prices fell heavily down as much as $2 at one point. The market is showing some correction after last weeks losses. Argentina is seeing it share of farmer unrest problems as President Fernandez seeks to impose a 35% tax on all soybean exports. That adds to the many problems including a major drought in the region. There was some major disappointment in the wheat market for U.S. exporters according to Louise Gartner with the Linn Group.

GARTNER: Wheat markets of course disappointed over the Egyptian purchase. Once again all going to Russia; 240-thousand tons. U.S. still struggling to compete in those key sales although our export sales continue to be within the range of estimate, right around the 400 plus thousand ton as we saw on Friday.

On Chicago May wheat was 521 down 8 3/4

May corn 360 ¾ up 1 ¾.

Portland soft white wheat closed at 5.63 down 3 to 5

Club wheat mostly 7.15

HRW 11.5 % protein mostly 5.95

DNS 14% protein mostly 7.68

Barley at the coast   dollars a ton.

April live cattle 83.925 up 5

April feeders 89.675 dwn 15

April Class III milk 10.35 down 13

I’m Greg Martin and that’s Market Line on the Northwest Ag Information Network.