Export news boosts wheat futures; Pakistan loses lots of wheat seed

Market Line September 2, 2010 Wheat futures saw some big gains Wednesday. Sparking the rally was news that Egypt purchased 225-thousand metric tons of U.S. hard red winter wheat. Also for the first time in three years Germany bought U.S. hard red spring wheat. A lower dollar and strong stock market were also cited as helping prices.

They will be sowing winter wheat in Pakistan soon but reports from there say that recent flooding ruined 500-thousand metric tons of seed and some farmers have been forced to use their seed for food and feed.

On Wednesday Chicago December wheat up 23 cents at 7-08 ¾. December corn up 7 ½ cents at 4-46 ¾. Portland soft white wheat was ten to fifteen cents lower at mostly 6-51. Club wheat premium mostly 25 cents. HRW 11.5 % protein 24 to 34 cents higher at mostly 7-15. No Portland DNS bids. Minneapolis December spring wheat up 22 ½ cents at 7-26.

Live cattle futures were higher Wednesday with feeder contracts lower. Although some cash fed cattle sold lower than last week at 97-dollars, traders said a lower dollar and strong stock market boosted prices. Higher corn was negative for feeders. October live cattle up 47 cents at 97-75. October feeders down 25 at 114-85. October Class III milk up 13 cents at 15-88.

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

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