Good wheat export inspections

Market Line March 9, 2010 Wheat futures were mostly higher Monday. The weekly export inspection report for wheat came in above trade expectations at 20.4 million bushels. Cumulative inspections are now running above the five year average. Fund buying and short covering were noted.

Volume was on the light side Monday. Joe Victor of Allendale Incorporated says one reason for that was traders waiting for Wednesday.

Victor: “We have a USDA report, World Supply and Demand estimate is coming out on Wednesday.”

Some traders are awaiting the report for market direction.

With winter wheat coming out of dormancy across the U.S. commentators are saying the crop looks to have adequate moisture at this time.

On Monday Chicago May wheat was up 1 ½ cents at 4-95. May corn down a half cent at 3-75. Portland soft white wheat steady at mostly 4-60. New crop August soft white unchanged at 4-60 to 4-70. Club wheat premium $3.67. HRW 11.5 % protein up a penny at 5-34. DNS 14% protein up two cents at 6-79. No Portland barley bids.

Cattle futures were mostly higher Monday. Last week’s cash fed trade was supportive and traders generally see tighter finished cattle supplies ahead. Buy stops were trigged for both live and feeder contracts. April live cattle up 125 at 94-20. April feeders up 77 at 106. April Class III milk down 21 cents at 12-68 on lower spot block cheese prices.

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

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