Russia denies export restrictions being considered

Market Line July 28, 2010 Wheat futures posted gains Monday though they were off of the day’s highs. Fundamentally the driving factor remains drought in parts of Europe and the Black Sea region. There is speculation that Russia may restrict wheat exports, something Russian officials are denying. Joe Victor of Allendale Incorporated comments on that.

Victor: “The Premier of Russia says no hoarding of grain. Right! It is nice to hear you are saying that but if I can get a higher price I am going to go ahead and take that higher price by keeping grain off the market.”

With winter wheat seeding only three weeks away in parts of Russia an analysis firm there is warning of a potential impact on the 2011 crop.

On Tuesday Chicago September wheat up 5 ½ cents at 5-95. September corn down 1 ½ cents at 3-62 ¾. Portland soft white wheat steady to a dime higher at mostly 4-93. New crop August soft white steady to at nickel higher at $5 to 5-30. Club wheat premium mostly 42 cents. No Portland red wheat bids. Minneapolis September spring wheat futures were up 3 ½ cents at 6-25 ¼.

Cattle futures were mixed Tuesday. Traders are awaiting this week’s cash fed market to develop. Higher boxed beef offered some optimism but packers are now said to be operating in the red. The recent heat in the Plains may mean fewer market ready cattle. October live cattle up 15 cents at 93-92. October feeders down 20 at 115-20. September Class III milk up two cents at 15-42.

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

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