Egypt still bypassing U.S. wheat

Market Line February 19, 2010 Wheat futures had modest losses Thursday. The dollar recovered from early weakness and that was cited as a factor. But traders also noted that the U.S. continues to be shut out of Egypt’s wheat market. Egypt announced it purchased 300-thousand metric tons of wheat, most of it from Russia and some from France.

At USDA’s Outlook Conference yesterday department chief economist Joe Glauber said total crop acreage is expected to be down this year.

Glauber: “Planted area for the major crops is expected to decline to 247.3 million acres, down 1.6 million acres from 2009.”

USDA sees less wheat and soybean acreage and more corn. All wheat acres are estimated at just under 54 million.

On Thursday Chicago March wheat was down 9 ¾ cents at 4-85. March corn down 2 ¾ cents at 3-57 ¾. Portland soft white wheat five to ten cents lower at mostly 4-70. New crop August soft white steady at 4-55 to 4-75.

Club wheat premium $3.67. HRW 11.5 % protein 11 to 14 cents lower at 5-35. DNS 14% protein down eight cents at 6-70. No Portland barley bids.

Cattle futures were mostly higher Thursday. There was talk of poor feedlot weight gains and expectations of a friendly Cattle on Feed report this afternoon from USDA. Funds were buyers. Better prices for fed cattle and lower corn has increased feeder demand. April live cattle up 90 cents at 93-05. March feeders up 97 at 103-90. March Class III milk up a nickel at 13-36.

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

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