China buys U.S. corn

Market Line April 29, 2010 News that China had made its first purchases of U.S. corn in nearly four years helped wheat futures for a time Wednesday but contracts closed with losses. Strength in the dollar pressured prices. Wheat fundamentals remain bearish with the U.S. winter wheat crop in good shape and spring wheat planting moving along rapidly.

There is some heavy rain forecast in the southern soft red winter wheat belt, which traders say could cause disease and quality problems.

As to the corn sale to China, it was for 4.5 million bushels and the U.S. Grains Council says sales may actually include another 9.8 to 11.8 million bushels.

On Wednesday Chicago July wheat was down 2 ½ cents at 4-88. July corn up 10 ¼ cents at 3-64. Portland soft white wheat steady to a nickel higher at mostly 4-85. New crop August soft white up a nickel at 4-85 to 4-90. Club wheat premium mostly $2. HRW 11.5 % protein up a penny to down a penny at mostly 5-35. DNS 14% protein two to four cents lower at 6-69. No Portland barley bids.

Cattle futures were mixed Wednesday. Some lower cash fed cattle sales and lower boxed beef were cited as factors. There was less pressure from general world economic concerns in connection with Greece’s debt crisis. Higher corn pressured feeder contracts. June live cattle down 30 cents at 93-42. August feeders down 40 at 115-52. June Class III milk down a dime at 13-90.

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