Disappointing export inspections

Market Line March 16, 2010 Wheat futures had modest losses Monday. A dollar rally and lower crude oil pressured grains. Lynn Smith with the Zaner Group at the Chicago Board of Trade says weekly export inspections for wheat were well under expectations at only nine million bushels.

Smith: “Another very weak demand indicator. We need to get these prices lower apparently, to attract any business from importers. Looks like it hasn‘t gotten there yet. So, not much to look forward to. We have 22 year high in supplies right now so we certainly need to do something t move these supplies on out and it doesn‘t look like it is going to be happening short term anyway.”

On Monday Chicago May wheat was down six cents at 4-79 ¼. May corn down a penny at 3-63 ¼. Portland soft white wheat at mostly 4-60. New crop August soft white three to five cents higher at 4-75 to 4-78. Club wheat premium $3.67. HRW 11.5 % protein six to seven cents lower at 5-22. DNS 14% protein four to seven cents lower at 6-78. No Portland barley bids.

Live cattle futures were higher Monday with feeders mixed. Cash sales of 91 to 95 dollars last week helped live cattle contracts along with fund buying and April and June saw new highs. Feeders got pressure from prices above the CME Feeder Index. April live cattle up five cents at 95-65. April feeders up a nickel at 106-02. April Class III milk down 11 cents at 12-67.

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

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