Wheat export sales report encouraging
Market Line September 14, 2009 Wheat futures were higher Friday after Chicago December made a new contract low. Sterling Smith of Country Hedging says the USDA reports came in as expected with no surprises. Smith: “The word “yawn” was the most common word in looking at what we have coming out of this report.” USDA left U.S. wheat ending stocks unchanged but it did boost world wheat production and carryout and said large world supplies will keep pressure on wheat prices. A lower dollar helped wheat futures Friday and the weekly export sales report for wheat was good news at over 551-thousand metric tons for the current marketing year. Some analysts say we need to see that kind of number every week. Through September 3rd U.S. white wheat exports were running about nine million bushels ahead of last year at this time totaling 35.6 million bushels. On Friday Chicago December wheat was up 8 ½ cents at 4-67 ¼. December corn up 4 ½ cents at 3-19 ¾. Portland soft white wheat steady to a nickel lower at 4-60. Club wheat premium $3. HRW 11.5 % protein four to seven cents higher at 5-12. DNS 14% protein up nine cents at 5-89. No Portland barley bids. Cattle futures were mostly lower Friday. Sales of cash fed cattle at steady money was disappointing to the trade. USDA is forecasting record corn yields and the second largest crop in history, which analysts say should help feeder prices through the fall. October live cattle unchanged at 87-22. October feeders down 45 at 99-32. October Class III milk down 16 cents at 12-17. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
