A good wheat export sales report

Market Line January 29, 2010 Wheat futures were higher Thursday. There was support from a higher than expected weekly wheat export sales number from USDA. Sales were pegged at just over 25 million bushels. Cumulative white wheat exports for the marketing year are nearly 20 million bushels ahead of a year ago at this time at 95 million bushels.

Peter Georgantones with Investment Trading Services in Bloomington, Minnesota says wheat contracts did well yesterday compared to commodities generally.

Georgantones: “The whole commodity sector got pretty beat up here. And a firm dollar and weak stock market, everyone was sort of running for cover.”

On Thursday Chicago March wheat was up 3 ¼ cents at 4-87. March corn up 3 ½ cents at 3-61 ¾. Portland soft white wheat steady at mostly 4-82. New crop August soft white steady to a nickel lower at 4-60 to 4-85. Club wheat premium $3.33 HRW 11.5 % protein up four cents at mostly 5-40.

DNS 14% protein four to 21 cents higher at mostly 6-60. No Portland barley bids.

Cattle futures were mostly higher Thursday. The cash fed trade developed at about steady money. Short covering was a factor and traders were evening up positions ahead of this afternoon’s Cattle Inventory report from the USDA. A stronger dollar and the lower stock market kept a lid on gains. April live cattle up 22 cents at 89-20. March feeders down a nickel at 98-47. March Class III milk down a penny at 13-67.

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

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