Soft white wheat exports lagging

Market Line August 17, 2009 The USDA is forecasting soft white wheat exports to be up this marketing year from 2008-2009 but so far sales are lagging behind last year’s pace at this time. Sales stand at 985-thousand metric tons compared to 1022 thousand metric tons a year ago. Even so actual shipments are running ahead of a year ago with nearly 653-thousand metric tons shipped compared to 271-thousand last year at this time.

Wheat futures were fractionally mixed Friday as traders positioned for the weekend and a higher dollar kept a lid on a rally. Joe Victor of Allendale Incorporated continues to emphasize a narrowing spread between Minneapolis and Chicago wheat, which started last week at 80 cents.

Victor: “Looking for that spread to narrow into something like a 40-cent discount Chicago to Minneapolis.”

On Friday Chicago September wheat was up a quarter cent at 4-81 ¾.

September corn down 5 ¼ at 3-19 ¼. Portland soft white wheat steady to a nickel lower at mostly 4-85. Club wheat mostly 6-60. HRW 11.5 % protein steady at 5-44. DNS 14% protein two to four cents lower at 6-29. No Portland barley bids.

Cattle futures were higher Friday. Cash fed sales at 82 dollars helped live contracts and spilled over to feeders. October live cattle up 35 cents at 88-55. October feeders up 20 at 100-27. September Class III milk was unchanged at 12-63 with deferred contracts lower.

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

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