Russia officially imposes temporary grain export ban
Market Line August 6, 2010 Several wheat futures contracts traded limit up at times Thursday with Chicago September closing there. Lynn Smith of the Zaner Group in Chicago says reason for the price surge was obvious, Russian Prime Minister Putin’s announcement of a ban on Russian grain exports from August 15th through the end of the year. So what now? Smith: “As most traders know we hit $13 plus in CBOT wheat in 2008. I don‘t think it is going to get that high this time but we never know. As these things get going they have a snowball effect. We will have to see how much higher they can take this.” There were also reports Thursday that Kazakhstan is considering an export ban and that the Ukraine cancelled some exports. Weekly export sales for U.S. wheat came in above expectations at 31 million bushels. On Thursday Chicago September wheat up 60 cents at 7-85 ¾. September corn up 3 ¼ cents at 4-03 ½. Portland soft white wheat 30 to 45 cents higher at mostly 6-53 for first half August. Club wheat premium dropped to mostly 18 cents. No Portland red wheat bids. Minneapolis September spring wheat futures were up 51 cents at 7-83. Live cattle futures were mostly higher Thursday with feeders lower. Fund buying was again a feature. Packers increased bids but feedlots were still holding out. Higher corn was negative for feeders. October live cattle up 50 cents at 96-27. October feeders down 137 at 113-50. September Class III milk up a dime at 15-24. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
