New wheat lows for the year

Market Line March 26, 2010 Wheat futures closed lower Thursday with new contract lows set at all three exchanges. Traders pointed to a rally in the dollar and selling by funds and commission houses.

The weekly export sales report for wheat came in within trade expectations at 13.6 million bushels. The International Grain Council lowered its estimate of world wheat production this year but increased its ending stocks estimate to a nine-year high.

There was more commentary Thursday about Russian and European wheat moving into Central and South America. The weak Euro is seen as helping E.U. grain.

On Thursday Chicago May wheat was down 9 ½ cents at 4-66 ½. May corn down a dime at 3-55. Portland soft white wheat five to ten cents lower at mostly 5-63. New crop August soft white five to 15 cents lower at 4-65 to 4-70. Club wheat premium $3.67. HRW 11.5 % protein down eight cents at mostly 5-15. DNS 14% protein down a nickel at 6-78. No Portland barley bids.

Cattle futures were mostly lower Thursday. There was profit taking and contracts backed off after hitting technical resistance. Most of the week’s cash fed trade moved at 96 to 97 dollars. Feeder contracts were overpriced compared to the CME feeder index. April live cattle down 97 cents at 94-75. April feeders down 55 at 107-47. April Class III milk down three cents at 12-54.

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

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