Russia makes more inroads with wheat into South America

Market Line March 25, 2010 Wheat futures were mixed Wednesday with Kansas City the strongest market. Traders said a higher dollar and warmer weather were factors.

Russia is making more inroads into South America with its wheat. Previously it has made sales to Brazil. Traders reported Wednesday that an unknown quantity of Russian wheat has been sold to Peru and Venezuela, both traditional U.S. markets. There was also talk that France and Britain were selling into South America and Asia.

This morning traders get USDA’s weekly export sales report.

On Wednesday Chicago May wheat was down ¾ of a cent at 4-76.

May corn up 2 ¼ cents at 3-65. Portland soft white wheat steady to a nickel lower at mostly 4-70. New crop August soft white steady at 4-70 to 4-85.

Club wheat premium $3.67. HRW 11.5 % protein unchanged at 5-23. DNS 14% protein down two cents at 6-82. No Portland barley bids.

Cattle futures were mostly higher Wednesday. Cash cattle traded at 97 dollars, up a dollar from earlier week sales and boxed beef continued to post strong gains. April live cattle up two cents at 95-72. April feeders up 97 cents at 108-02. April Class III milk up 22 cents at 12-57 on strong spot cheese prices. USDA issues its quarterly Hogs and Pigs report Friday.

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

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