Russia still supporting wheat futures

Market Line August 24, 2010 Wheat futures had strong gains Monday. Brian Hoops of Midwest Market Solutions say Russia was behind the strength in wheat.

Hoops: “Rumor last week was there would be some Russian grain imports into the country, fueled wheat prices last week. Later last week, Thursday and Friday we saw the retreat in wheat prices because that was not true. They would not be importing any grain. Those rumors are surfacing again giving us a little bit higher prices.”

It was also hotter, and drier in Russia yesterday than forecast.

U.S. wheat export inspections were 21.4 million bushels, about like last week and more than trade expectations.

On Monday Chicago December wheat up 13 ½ cents at 7-25 ½. December corn down 3 ½ cents at 4-32 ¾. Portland soft white wheat steady to a dime higher at mostly 6-42. Club wheat premium mostly 17 cents. HRW 11.5 % protein up 11 cents at 6-94. No Portland DNS bids. Minneapolis December spring wheat up 12 ½ cents at 7-26 ¾.

Cattle futures were mostly steady to higher Monday. Wholesale beef prices were higher and there was still support from last week’s strong cash fed cattle market. Traders are expecting the market to be steady this week. October live cattle up 50 cents at 99-75. October feeders up seven at 117-65. October Class III milk up nine cents at 15-30.

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

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