Export sales for wheat positive
Market Line June 25, 2010 Wheat futures were mixed on Thursday with Minneapolis showing the largest decline. Correction of the Minneapolis- Chicago spread was seen as a factor there. Short covering and better than expected weekly export sales were called supportive for wheat. The sales came in at 26.5 million bushels with the largest single sale going to an unknown destination. Joe Victor of Allendale Incorporated has a reminder about USDA reports out next week. Victor: “June 30th, next Wednesday you will have an acreage as well as quarterly grain stocks and this is both on and off-farm. That will come out next Wednesday.” On Thursday Chicago July wheat up ¾ of a cent at 4-63. July corn down 1 ¾ cents at 3-44 ¾. Portland soft white wheat steady at 4-53 with new crop August soft white unchanged at 4-52 to 4-55. Club wheat premium mostly 75 cents. HRW 11.5 % protein only new crop bids of 5-13 to 5-20. DNS 14% protein seven to 17 cents lower at mostly 6-45. Cattle futures were mostly higher Thursday as cattle separated from the negative stock market. Nearby live futures discount to cash was positive. Cash fed cattle continued to trade steady with last week. Feeder contracts followed with support from a recent upturn in the CME feeder index. August live cattle up 65 cents at 89-15. August feeders up 77 at 112-67. July Class III milk up a nickel at 13-30. USDA issues a Hogs and Pig report this afternoon. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
