Wheat export pace is slowest in years

Market Line December 28, 2009 USDA’s weekly wheat export sales report last Thursday pegged sales at around seven million bushels, which was under trade expectations. This marketing year’s wheat export pace is said to be the slowest of the decade. White wheat and durum are the only wheat classes where cumulative export shipments are running ahead of last year at this time. For white wheat exports total nearly 83 million bushels compared to 61 million a year ago.

During the last trading session before Christmas wheat futures were lower last Thursday with traders evening up positions. This will be a short trading week too with the markets closed Friday.

Last Thursday Chicago March wheat was down 4 ½ at 5-24 ½. March corn up 3 ¾ cents at 4-08 ½. Portland soft white wheat was steady at mostly 4-85. Club wheat premium $3. Only new crop red wheat bids reported with August HRW 11.5 % protein lower at 5-77 to 5-87. August DNS 14% protein lower at 6-47 to 6-48. No Portland barley bids.

Cattle futures were lower last Thursday in light volume trading where profit taking was cited as a feature. A winter storm in the Plains tracked further north than expected thereby reducing the impact on cattle gains. Feb live cattle down 62 cents at 84-75. January feeders down 82 at 94-62. January Class III milk up four cents at 14-31.

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

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