Waiting for fund buying

Market Line January 4, 2010 With the new year now here traders will be watching for fund buying in grain futures. There is an expectation they will be.

During the last session last Thursday wheat futures were lower on very light volume. U.S. export sales came in within trade expectations. Overall U.S. wheat export sales stand at 67 percent of the USDA forecast for the marketing year. White wheat sales continue to run ahead of last year at this time.

Egypt, which recently said it didn’t need any more wheat for awhile, announced it purchased 240-thousand metric tons of wheat from Russia, none from the U.S.

On Thursday Chicago March wheat was down 3 ¼ cents at 5-41 ½. March corn up ¾ of a cent at 4-14 ½. Portland soft white wheat steady to down a dime at mostly 4-90. Club wheat premium $3.25. Only new crop red wheat bids quoted at Portland with HRW 11.5 % protein lower at 5-92 to 6-02. August DNS 14% protein down a nickel at 6-58 to 6-62. No Portland barley bids.

Last week’s higher cash fed cattle prices helped cattle futures end 2009 on a positive note with higher closes. Short covering was a feature. Feb live cattle up 112 at 86-17. March feeders up 137 at 96-25. February Class III milk down nine cents at 13-89.

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

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