Wheat export inspections drop

Market Line August 10, 2010 Wheat futures were mixed Monday with nearby contracts losing to deferred months. One factor cited was uncertainty about just what Russia is going to do about wheat exports. The latest comments attributed to Prime Minister Putin is that an export ban might last beyond the end of the year. He said the government would have to assess crop losses.

Egypt meanwhile purchased 240-thousand metric tons of French wheat over the weekend.

The USDA’s wheat export inspection report actually showed a decline from last week at just over 14 million bushels.

On Monday Chicago September wheat down 13 ¼ cents at 7-12 ½. September corn down two cents at 4-03. Portland soft white wheat lower at mostly 6-25 for first half August, 6-35 for last half. Club wheat premium mostly 33 cents. No Portland red wheat bids. Minneapolis September spring wheat futures were down 7 ¾ cents at 7-15 ¼.

Cattle futures were mixed Monday. Sharply higher mid-day boxed beef values offered support as did last week’s cash fed cattle market with prices of 93 to 93.50. Hot conditions in the southern part of the U.S. and its impact on cattle weight gains is also supportive. October live cattle down two cents at 95-47. October feeders down 22 cents at 113. September Class III milk up 13 cents at 15-44.

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

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