Wheat futures close higher but export news is disappointing

Market Line May 1, 2009 Wheat futures had small gains Thursday getting support from the row crops again, as planting delays are expected in parts of the corn belt. There was a lot of export news but none good for the U.S. as weekly export sales came in under expectations, Iraq reportedly purchased Australian wheat and is dealing for more, and Egypt bought Canadian wheat. Louise Gartner for the Linn Group at the Chicago Board of Trade is very bearish wheat right now. Gartner: "The point being the seasonal tendency for wheat tends to peak around early May. We have really struggled here to maintain the upward momentum that we have seen. If the market continues to stall up here and takes another look to the downside eventually that is going to get taken out and you are setting up for a pretty big break to the downside." On Thursday Chicago July wheat was up 4 ½ cents at 5-36 ½. July corn up 2 ¼ at 4-03 ½. Portland soft white wheat any protein steady to a nickel higher at mostly 5-35. Maximum 10.5 percent protein 5-40. August new crop steady to higher at 5-25 to 5-40. Club wheat 6-35. Maximum 10.5 percent club wheat 6-40. HRW 11.5 % protein mostly 6-20. DNS 14% protein mostly 7-93. No Portland barley bids. Cattle futures were lower Thursday as traders awaited the bulk of cash fed cattle business for the week. Boxed beef has quickly moved. Cash feeders showed weakness on the week. June live cattle down 45 cents at 82-50. August feeders down 50 at 99-62. June Class III milk down 14 cents at 10-77. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.