Pakistan may export wheat

Market Line April 2010 Wheat futures were mixed on Wednesday. Lynn Smith with the Zaner Group at Chicago says profit taking was a feature making for a negative early session.

Smith: “Came back in the Chicago wheat at the end. A little short covering I think brought it into positive territory. It was trailing the beans and corn for most of the day. It is the same old story, a lot of wheat around. The crop is still in excellent shape, the winter wheat crop and good spring planting as well. So that is negative.”

Pakistan has had a good wheat crop and officials there are considering exports to Iraq, Iran and Bangladesh.

The weekly export sales report is out this morning.

On Wednesday Chicago May wheat was up 1 ¼ cents at 4-87 ¼. May corn up 3 ¾ cents at 3-59 ¼. Portland soft white wheat up a nickel at mostly 4-83. New crop August soft white steady to seven cents higher at 4-85 to 4-90. Club wheat premium $2. HRW 11.5 % protein mixed at mostly 5-42. DNS 14% protein two to three cents lower at mostly 6-84. No Portland barley bids.

Cattle futures had gains Wednesday. Some new live cattle contract highs were set. Boxed beef prices remain strong and there ideas are cash fed cattle may trade higher this week. June live cattle up 85 cents at 95-45. May feeders up 40 at 112-95. May Class III milk up 14 cents at 13-28.

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

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