Weak dollar helping wheat exports

Market Line October 23, 2009 Wheat futures were higher Thursday leading the grain complex. While the wet Midwest is a problem for row crop harvesting it is now of concern for wheat too as it is getting late to plant soft red winter and plantings may decline.

Louise Gartner for the Linn Group at the Chicago Board of Trade says USDA’s export sales report was also positive for wheat Thursday.

Gartner: “Export sales continue to be above trade estimates every week and this week was no exception. We had 685-thousand tonnes of wheat sold for export. That was well above the range of 400-thousand to 500-thousand. The exports have certainly picked up here and of course the weaker dollar is part of the reason for that and also just a general increase in demand from around the world. This is the time of the year when tend to see that pickup and the United States certainly getting a good chunk of that business.”

On Thursday Chicago December wheat was up 9 ¼ at 5-51 ¾. December corn up 5 ¼ at 4-03 ½. Portland soft white wheat 13-15 cents higher at mostly $5. Club wheat premium $3.25. HRW 11.5 % protein up seven cents at mostly 5-89. Once gain DNS bids were not fully established at Portland.

No Portland barley bids.

Live cattle futures were mostly higher Thursday with feeders mixed. Contract spreading was a feature and the DOW getting back over ten-thousand was supportive. December live cattle up 30 cents at 87-37. November feeders up 17 at 96-40. November Class III milk down nine cents at 13-69.

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

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