No U.S. wheat in Iraqi buy

Market Line March 2, 2010 The dollar got the blame for lower wheat futures Monday. The dollar benefited from weakness in the Euro over Greece’s financial problems. U.S. wheat is already seen as non-competitive on the world market and a higher dollar just makes it more so. In fact, Iraq said Monday it had purchased 280-thousand metric tons of wheat from Russia and 100-thousand tonnes from Canada, but none from the U.S.

The weekly export inspections for wheat were in line with trade expectations at 17.6 million bushels. They need to average 15 million each week to meet USDA projections. U.S. white wheat exports continue to run ahead of a year ago at this time with 107 million bushels of cumulative exports.

On Monday Chicago May wheat was down 14 ¾ cents at 5-04 ½. May corn down 7 ¼ at 3-81 ¾. Portland soft white wheat five to ten cents lower at mostly 4-65. New crop August soft white up a nickel to down a nickel at 4-65 to 4-70. Club wheat premium $3.56. HRW 11.5 % protein mostly 5-42. DNS 14% protein mostly 6-80. No Portland barley bids.

Cattle futures were mostly higher, nearby April live cattle being an exception on spreading into deferred months. There was short covering and muddy feedlots remained a supporting factor. April live cattle down 20 cents at 91-72. April feeders up 115 at 103-65. April Class III milk down a penny at 12-89.

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

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