Wheat futures lower but Egypt buys some PNW soft white

Market Line September 16, 2010 Wheat futures were lower Wednesday with a firm dollar and technical selling cited as factors. Egypt purchased 295-thousand metric tons of wheat mostly from France but also for the first time in a while some PNW soft white wheat. Futures traders were disappointed Egypt only purchased 55-thousand tons of soft white, but Tom Mick of the Washington Grain Commission was pleased.

Mick: “And this is the first time they have been back in the market for almost two years. They have been buying Russian wheat because it is so cheap and this has been a big problem for us because they have been the most important swing market in the world for us. So we are glad to have them back.”

On Wednesday Chicago December wheat down 9 ¼ cents at 7-26 ¾. December corn up a ¼ cent at 4-95 ¼. Portland soft white wheat steady to a nickel lower at 6-56. Club wheat premium mostly 20 cents. No Portland red wheat bids. Minneapolis December spring wheat down 5 ¼ at 7-59 ½.

Cattle futures were mixed Wednesday. That strong dollar was cited a negative factor as was declining boxed beef prices. That could impact this week’s cash fed cattle prices. Tomorrow is the USDA cattle on feed report.  October live cattle down seven cents at 98-12. October feeders down 60 cents at 111-50. October Class III milk down a penny 15-91.

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

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