Egypt skips U.S. wheat

Market Line October 16, 2009 Wheat futures posted moderate losses Thursday. Commentators said profit taking was a feature after the recent run up in prices. There was spillover pressure from the row crops with a window of opportunity for harvesting opening up. Egypt’s purchase of 180-thousand metric tons of French wheat was also negative.

Louise Gartner for the Linn Group at the Chicago Board of Trade assesses where the wheat market is now.

Gartner: “It does look like we turned the tide at least temporarily in the wheat complex. We have more time left in the seasonal window where we could see another leg up before we get into the winter doldrums.”

On Thursday Chicago December wheat was down eight cents at 5-05

December corn down a dime at 3-73. Portland soft white wheat steady to down 11 cents at mostly 4-75. Club wheat premium $3.25. HRW 11.5 % protein six to nine cents lower at 5-59. DNS 14% protein ten to 15 cents lower at 6-65. No Portland barley bids.

Cattle futures were mostly higher Thursday with some carryover strength from Wednesday. Some cash fed cattle were trading at steady money to last week. Lower corn was supportive to feeders. December live cattle up seven cents at 85-65. November feeders up 45 at 94-60. November Class III milk down 25 cents at 14-16. This afternoon is USDA’s Cattle on Feed Report.

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

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