A longer Russian wheat export ban
Market Line September 3, 2010 Wheat futures were mostly higher Thursday. One reason was the weekly export sales for U.S. wheat came in above trade expectations at 37.6 million bushels with Nigeria and Egypt among the largest buyers. But also a factor was an announcement by Russian Prime Minister Vladimir Putin that Russia will extend its ban on grain exports until after next year’s harvest is complete. Previously the ban was set to run to the end of this year. We will soon be getting an update from the USDA on what it thinks the size of the drought reduced Russian wheat crop is. Norton: “Right now we are reassessing that situation and we will be releasing something on the tenth.” USDA grain analyst Jerry Norton referring to USDA’s crop production and supply and demand reports due out Friday, September 10th. On Thursday Chicago December wheat up a nickel at 7-13 ¾. December corn up ¾ of a cent at 4-47 ½. Portland soft white wheat steady to a nickel higher at mostly 6-54. Club wheat premium mostly 19 cents. HRW 11.5 % protein five to 17 cents higher at mostly 7-26. No Portland DNS bids. Minneapolis December spring wheat up nine cents at 7-35. Cattle futures were mostly higher Thursday. Cash fed cattle sold lower this week but fund buying sent live cattle to new highs before backing off. Feeders saw short covering and spillover from live contracts. October live cattle up 70 cents at 98-45. October feeders up 65 at 115-50. October Class III milk down 23 cents at 15-65. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
