Egypt skips U.S. wheat

Market Line November 20, 2009 Wheat futures were lower Thursday. Funds were on both sides of the market. Profit taking was cited and a stronger dollar was negative. Weekly export sales were in line with expectations.

Louise Gartner for the Linn Group at the Chicago Board of Trade says Egypt did not buy any U.S. wheat in its tender this week.

Gartner: “They split it up between Russia, France and Germany. So, once again the United States being pushed out of the export market. Of course with the values as high as they are we are moved way out of the competition. It does not seem to be affecting the wheat market that much, at least in the short term.”

Some rain is occurring during harvest in Australia.

On Thursday Chicago December wheat was down 3 ¾ at 5-62 ½. December corn down three at 3-95. Portland soft white wheat 10-16 cents lower at mostly 4-85. Club wheat premium $3. HRW 11.5 % protein three to four cents lower at 5-90. DNS 14% protein one to four cents lower at 7-18 with guaranteed 14 percent at a 12 cent premium. No Portland barley bids.

Cattle futures were higher Thursday on late session position squaring. Pressure came from this week’s lower cash fed market. Traders are awaiting this afternoon’s Cattle on Feed Report. December live cattle up 60 cents at 83-67. January feeders up a dime at 91-82. December Class III milk down 14 cents at 14-20.

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

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