Another good export sales report

Market Line August 27, 2010 Wheat futures put in good gains Thursday. Brian Hoops of Midwest Market Solutions summarizes the trading.

Hoops: “Basically traded on an inside trading session. Closed off our session highs but certainly could continue to move higher if we get the right combination of factors. Maybe some export business along with continued forecasts that Russia will import wheat into the country.”

A report that Russia could import six million metric tons of grains was one bullish bit of news Thursday. The U.S. Grains Council also further lowered its estimate of Russian wheat production and weekly U.S. wheat export sales were strong at nearly 40-million bushels.

On Thursday Chicago December wheat up eight cents at 6-88 ½. December corn up 12 cents at 4-32. Portland soft white wheat steady to a dime higher at mostly 6-23. Club wheat premium mostly 17 cents. HRW 11.5 % protein 30 to 39 cents higher at 6-88. No Portland DNS bids. Minneapolis December spring wheat up nine cents at 7-04 ¼.

Cattle futures were mixed Thursday. Trader are thinking cash fed cattle could slip after trading steady for most of the week. They also expect boxed beef to back off once the Labor Day weekend buying is done. October live cattle down 15 cents at 98-52. October feeders up a nickel at 117-45. October Class III milk up a dime at 15-61.