Brazil buys some Russian wheat

Market Line March 10, 2008 Wheat futures were mixed Monday with Kansas City showing the only strength on dry conditions in the Southern Plains. Weekly export inspections were better than last week, but at just under 15 million bushels they were below what is needed on a weekly basis to reach USDA’s projection for the marketing year. Louise Gartner for the Linn Group at the Chicago Board of Trade says Russia has managed to sell some hard wheat in to the western hemisphere and that’s to Brazil. Gartner: “They say it was $60 a ton below what the U.S. was offering. We knew the U.S. was higher than Canada but still Brazil going to Russia and suggesting they might buy even more, and seeing that much discount to the U.S., is surprising to say the least.� Tomorrow there is a new USDA supply and demand report. On Monday Chicago May wheat was down 3 ¾ cents at 5-23 ¼. May corn up four at 3-65 ½. Portland soft white wheat any protein steady at mostly 5-45. Maximum 10.5 percent protein 5-55. August new crop mixed at 5-20 to 5-30. Club wheat 6-95. Maximum 10.5 percent club wheat 7-05. HRW 11.5 % protein up a penny at 6-23. DNS 14% protein down two cents at 7-83. No Portland barley bids. Cattle futures were higher Monday. There was short covering and forward spreading in the live pit with feeders following. Nearby feeder contracts also benefited from their discount to the CME Feeder Index. April live cattle up 75 at 83-20. April feeders up 30 at 90-92. April Class III milk up 12 cents at 12-85. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.