Wheat futures higher despite bearish exports

Market Line April 17, 2009 Wheat futures had modest gains Thursday. Spillover support from soybeans was given most of the credit. Lynn Smith with the Zaner Group at the Chicago Board of Trade says demand news for wheat was bearish with Egypt again snubbing the U.S. in their tender. Smith: "They booked 175-thousand tons of Russian and French wheat with none going to the U.S. Another bearish sign for our wheat. We are still not priced in the market yet. The export sales came out. USDA indicated 310,500 metric tons last week and that was at the low end of the range of what traders were looking for. So again, nothing bullish here for the wheat markets." On Thursday Chicago May wheat was up 9 ½ cents at 5-24 ¾. May corn up 1 ¼ at 3-85 ¾. Portland soft white wheat any protein steady to three cents higher at mostly 5-50. Maximum 10.5 percent protein 5-55. August new crop unchanged to up a nickel at 5-30 to 5-50. Club wheat 7-25. Maximum 10.5 percent club wheat 7-30. HRW 11.5 % protein up a dime at 6-10. DNS 14% protein up seven cents at 7-62. Live cattle futures closed higher Thursday on cash market optimism and good wholesale beef demand. Feeder contracts were lower on profit taking and futures' premium to the CME feeder cattle index. This afternoon is a Cattle on Feed report. June live cattle up 35 cents at 85-12. May feeders down 75 at 99-17. May Class III milk down 13 cents at 10-27. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.