A better export report; cattle on feed numbers
Market Line January 25, 2010 Wheat futures closed down just slightly Friday. The weekly export sales report for wheat was actually positive coming in at 32.5 million bushels, however traders said just the general bearishness of world wheat fundamentals kept a cap on prices. U.S. white wheat exports stand at 92.4 million bushels compared to 69.7 million at this time last year. On Friday Chicago March wheat was down a penny at 4-98 ½. March corn down 7 ¼ cents at 3-64 ¾. Portland soft white wheat steady to a nickel higher at mostly 4-75. New crop August soft white unchanged at 4-65 to $5. Club wheat premium $3.25. HRW 11.5 % protein down two cents at 5-43. DNS 14% protein unchanged at 6-51. No Portland barley bids. Cattle futures were mixed ahead of Friday’s Cattle on Feed Report with traders thinking cash beef prices have topped. USDA livestock analyst Shayle Shagum highlights the department’s on feed report. Shagum: “The report is an estimation of the number of cattle on placed on feed in December, down about six percent. Fed cattle marketings were up four percent, which gives us an on feed number January 1st that was down about two percent from a year ago.” Shagum says the numbers indicate a diminishing supply of cattle outside of feedlots. Before the report Feb live cattle down 22 cents at 86-62. March feeders up 22 at 99-60. February Class III milk up nine cents at 14-19. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
