Egypt still passing on U.S. wheat

Market Line December 17, 2009 Wheat futures were fractionally to several cents higher Wednesday. That was despite news that Egypt purchased 360-thousand metric tons of wheat from Russia and France. So again the U.S. is not competitive in the North Africa and eastern Mediterranean markets. Funds seemed to be buyers and sellers during the day.

For today Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange says there will be the weekly export sales report this morning.

Chiodo: “Be more of the same I would think. Probably real good numbers in beans and poor in the corn and the wheat. Funds show up we most likely will push higher. Without them we will drift a little and see where the support is.”

On Wednesday Chicago March wheat was up a half cent at 5-37 ¼. March corn up 2 ¾ at 4-10 ¼. Portland soft white wheat steady to a dime lower at mostly 4-95. Club wheat premium $3. Most exporters did not issue bids for hard red winter wheat due to adequate supplies in the pipeline and they did not issue any bids for dark northern spring wheat.

Cattle futures were mixed Wednesday. Live cattle saw profit taking but also got support from reports of 81 dollar cash fed cattle sales and another increase in boxed beef prices. Feeders also saw profit trading. Friday is a Cattle on Feed report. Feb live cattle down two cents at 84-90. January feeders down 17 at 92-85. January Class III milk down 11 cents at 14-78.

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

Now this.