U.S. gets some Iraqi wheat business

Market Line October 30, 2009 Wheat futures closed higher Thursday after being down all week. Analysts said grain were helped by the higher stock market and a lower dollar. Wet Midwest weather continues to be supportive but forecasts see better weather next week.

Louise Gartner for the Linn Group at the Chicago Board of Trade says the export sales report came in under expectations but there was some other export news.

Gartner: “We did see Iraq take 300-thousand tonnes. One hundred of that going to the U.S.. A hundred to Russia and a hundred to Australia. So we are participating. The market has been very volatile. The sharp rise in prices certainly made it more difficult for us to be competitive in the export markets, which would explain the wheat export sales report. With the market pulling back the way it is it looks like we are able to compete with the key countries of Australia and Russia for the higher quality wheat.”

On Thursday Chicago December wheat was up nine cents at 5-09 ¼.

December corn up 10 ½ at 3-79 ½. Portland soft white wheat steady at mostly 4-75 with the club wheat premium at $3. HRW 11.5 % protein up six cents at 5-41. DNS 14% protein up a nickel at 6-67. No Portland barley bids.

Cattle futures posted losses Thursday, even though there was good GDP news and a higher stock market as well as stronger cash fed cattle sales of 87 dollars this week. October contract expiration and speculative selling got the blame. Higher corn was negative for feeders. December live cattle down 65 cents at 86-27. January feeders down 90 at 95-02. December Class III milk up 23 cents at 14-71.

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

Now this.