Twice as much club wheat acreage

Market Line March 19, 2010 Wheat futures were lower Thursday with Lynn Smith of the Zaner Group saying factors were the same, large U.S. and world wheat supplies. He says weekly export sales for wheat were at the high end of expectations though, at just over 16 million bushels or 439-thousand metric tons for both old and new crop.

Smith: “We need to see that consistently be above 500-thousand to help alleviate some of this oversupply right now. So we will have to watch that, but that was a nice pick up.”

The Washington Grain Commission reports its survey of certified seed sales shows winter wheat club wheat acreage for 2010 in the PNW about doubled from 2009 up to 348-thousand acres.

On Thursday Chicago May wheat was down 6 ¾ cents at 4-89 ¼. May corn up two cents at 3-76. Portland soft white wheat was up five cents to down 15 at mostly 4-70. New crop August soft white steady to a nickel lower at 4-70 to 4-85. Club wheat premium $3.67. HRW 11.5 % protein two to seven cents lower at mostly 5-30. DNS 14% protein down a nickel at mostly 6-92. No Portland barley bids.

USDA issues its monthly Cattle on Feed Report this afternoon. Yesterday cattle futures posted triple digit gains with more new contract highs. Fund and technical buying were cited as well as expectations of renewed U.S. pork exports to Russia and China. April live cattle up 137 at 97-52. April feeders up 160 at 107-87. April Class III milk down a penny at 12-43. USDA reported February milk production in the major states up one tenth of one percent from February of 2009.

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

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