India may soon export wheat

Market Line May 15, 2009 Wheat futures got some help from soybeans and Northern Plains weather to close higher Thursday. Minneapolis was the leader again as more bad weather interferes with spring wheat planting.

Louise Gartner for the Linn Group at the Chicago Board of Trade says weekly export sales for wheat were dismal. Gartner: “Not even reaching the low end of the range of estimates at 234-thousand tonnes. So this wheat market continuing to see intense export competition. We are looking at a big crop in the northern hemisphere coming again and significantly increasing world ending stocks. All that keeping a lid of wheat prices even though U.S. wheat production will be down significantly.”

And speaking of competition, India’s Trade Secretary says his country will allow exports of wheat starting soon. Up to two million tonnes could be available for export from India.

On Thursday Chicago July wheat was up 4 ½ cents at 5-93 ¼. July corn up 1 ¾ at 4-28 ¼. Portland soft white wheat and club wheat were steady at mostly 5-70. August new crop white wheat was steady to down two cents at 5-68 to 5-75. HRW 11.5 % protein six to nine cents higher at 6-74. DNS 14% protein up 13 cents at 8-36.

Trader optimism about cash fed cattle prices helped cattle futures close higher Thursday. Some Southern Plains cattle sold at 85 dollars. Boxed beef was higher. Feeders followed the live pit. June live cattle up 30 cents at 82-80. August feeders up 42 at 101-65. June Class III milk down 26 cents at 10-41.

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