Profit taking in wheat and cattle futures

Market Line April 9, 2010 Wheat futures saw modest losses Thursday. Profit taking was cited as well as a firm tone in the dollar and many commodity markets were weak. Losses were limited by a better than expected weekly export sales report for wheat at 19.6 million bushels.

Of course this morning the USDA issues updated supply and demand numbers. Brian Hoops of Midwest Market Solutions points to where the market will focus after the numbers are in.

Hoops: “Then we have three weeks through the end of the month. We will have to look at the weather. We are definitely poised for some sort of a rally in here and let‘s take a look and see what the report says.”

Russian officials are indicating Columbia wants to import more than 250-thousand metric tons of Russian wheat and the officials suggest they may swap that for sugar. Pakistan may export as much as two-million metric tons of wheat for the first time in three years.

On Thursday Chicago May wheat was down six cents at 4-69 ¼. May corn down 8 ¼ cents at 3-48 ¼. Portland soft white wheat steady at mostly 4-70. New crop August soft white steady to a nickel higher at 4-70 to 4-75. Club wheat premium $3.67. HRW 11.5 % protein one to six cents lower at mostly 5-30. DNS 14% protein down two cents at mostly 6-99. No Portland barley bids.

Cattle futures were lower Thursday with profit taking cited after the previous sessions big run up. Cash fed cattle sold at 98 to 100 dollars this week but packers are still seen as operating in the black. June live cattle down 42 cents at 94-32. May feeders down 20 cents at 114-05. May Class III milk down eight cents at 13-74.

I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.

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