Losing Out on Grain Sales

Losing Out on the Grain Sales. I’m Greg Martin. This is Market Line

Market Line March 19, 2009

It has been a very disappoint time for the grain markets as the U.S. continues to loose some key sales and that has caused some steep losses. Louise Gartner with the Linn Group gives us the news.

GARTNER: Iraq announced this morning that they’ve bought 150-thousand tons of wheat, 100 from Australia – 50 from Russia. Also getting news this morning that Egypt 200-thousand tons of all Russian wheat at $164 a ton. That’s about $36 a ton less than what the lowest U.S. offer was. So clearly continuing to lose the key marquee sales in this wheat complex and mostly to the Black Sea region.

On Wednesday Chicago May wheat was off 22 ½ at 530

May corn down 2 ¼ at 388 ¼

Portland soft white wheat closed dwn 8-unch 5.55-5.65

Club wheat mostly 7.40

HRW 11.5 % protein mostly 6.33 dn 22

DNS 14% protein mostly 7.89 dn 20

April live cattle .750 closing at 83.550

April feeders 92.450 up .125

April Class III milk down .34 at 10.88

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