Outside markets negative but wheat futures higher

Market Line February 5, 2010 The U.S. dollar was higher and crude oil lower but wheat futures managed to post gains Thursday. The weekly export sales report was within the higher range of trade expectations and short covering was cited as a factor.

Joe Victor of Allendale Incorporated says the U.S. still continues to lose out on sales to Egypt.

Victor: “And they are looking at Russia. They are looking at France. They are looking at Kazakhstan, everywhere but the United States. And of course we are still 30-40 cents a bushel too high.”

Stats Canada is scheduled to release its latest grain stocks estimate today. Next week is a new USDA supply and demand report.

On Thursday Chicago March wheat was up 6 ¾ cents at 4-75 ¾. March corn up a penny at 3-54. Portland soft white wheat two to five cents lower at mostly 4-83. New crop August soft white unchanged at 4-60 to 4-70. Club wheat premium $3.33. HRW 11.5 % protein six to 11 cents higher at 5-28. DNS 14% protein four to eight cents higher at mostly 6-68. No Portland barley bids.

Cattle futures were mostly lower Thursday. Outside market pressure was cited as a higher dollar may limit exports, the stock market was lower and there are concerns about the economy’s impact on beef demand. Weak beef prices didn’t help. April live cattle down two cents at 90-07. March feeders down 40 at 98-97. March Class III milk up a penny at 13-57.

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

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