It's all Greek to the markets

Market Line May 10, 2010 Wheat futures had modest losses Thursday on a day where stocks plunged, crude oil saw sharp losses and the U.S. dollar hit a new 12-month high.

Chiodo: “Quite frankly a strong dollar up almost three points on the week just isn‘t bullish. Just is not bullish commodities.”

Mark Chiodo of Chiodo Commodities at the Minneapolis Grain Exchange.

The problems in Europe with Greece’s debt issue has weakened the Euro making their grain cheaper. There was a report yesterday that French wheat will be headed to Mexico later this month. Expectations are that an Algerian 50-thousand metric ton optional origin tender will go to France.

Meanwhile, the U.S. weekly export sales report for wheat was within expectations but at a level below what’s needed weekly to meet USDA projections.

On Thursday Chicago July wheat was down 3 ¾ cents at 5-08 ¼. July corn down 1 ¾ cents at 3-71 ¼. Portland soft white wheat two to ten cents lower at mostly 4-80. New crop August soft white steady to a nickel lower at 4-85.

Club wheat premium mostly $1.50. HRW 11.5 % protein four to five cents lower at mostly 5-51. DNS 14% protein down seven cents at mostly 6-74.

No Portland barley bids.

Cattle futures were lower Thursday getting pressure from outside markets like a higher dollar and the big drop in stocks. There was support from this weeks good cash fed cattle market and stronger boxed beef prices. June live cattle down 85 cents at 95-85. August feeders down 115 at 115-52. June Class III milk down 25 cents at 13-38.

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

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