More complaints about Russian wheat

Market Line May 14, 2009 Wheat futures closed mixed Wednesday with Chicago the weakest market and Minneapolis the strongest. Joe Victor of Allendale Incorporated says its planting delays for spring wheat that is drawing the interest in Minneapolis.

Victor: “See that the funds are increasing their interest in corn, soybeans and wheat and again it is specifically into that Minneapolis spring wheat contract as well as the Kansas City.”

News out of Egypt is that the state prosecutor has ordered all Russian wheat in the country be seized and examined for quality. Egypt has complained about Russian wheat quality before. U.S. has quality soft wheat but Egypt hasn’t purchased much lately.

Reports out of Argentina suggest the country may have to import wheat for the first time since the 1950s.

On Wednesday Chicago July wheat was down four cents at 5-88 ¾. July corn down a penny at 4-26 ½. Portland soft white wheat any protein five to seven cents higher at mostly 5-70. August new crop also higher at 5-70 to 5-75. Club wheat mostly 5-70. HRW 11.5 % protein unchanged at 6-68. DNS 14% protein up eight cents at 8-23. No Portland barley bids.

Live cattle futures were lower Wednesday getting pressure from the lower stock market. Forward contract spreading was also a feature. Feeder contracts were mixed getting spillover pressure from the live pit. June live cattle down 70 cents at 82-50. August feeders down 22 at 101-22. CWT announced it will remove just over 100-thousand head of dairy cows in its latest retirement round. That helped June Class III milk close up 12 cents at 10-67.

I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.