Weekly export sales for wheat disappointing to trade

Market Line September 17, 2010 Wheat futures had modest losses Thursday. Traders said lower than expected export sales prompted selling. USDA reported weekly export sales of 17.8 million bushels for old crop and just over six million for new crop. The current year sales were in line with what is needed weekly to meet USDA export projections. Total U.S. white wheat export sales are 29 percent ahead of a year ago.

Wheat got some early support from the continued dryness in Russia and the Ukraine and harvest delays and quality concerns in Canada.

On Thursday Chicago December wheat down 7 ½ cents at 7-19 ¼. December corn up ¾ of a cent at 4-96. Portland soft white wheat steady at mostly 6-58. Club wheat premium mostly 20 cents. No Portland red wheat bids. Minneapolis December spring wheat down a nickel at 7-53 ½.

Cattle futures were mostly higher Thursday. Plains cash fed cattle sold at 98 dollars. Boxed beef however continues to be weak. Feeders got spillover support from the live pit along with short covering. This afternoon is the monthly cattle on feed report. Traders are expecting the feedlot inventory to be up about one percent from a year ago. Placements last month to be down about one percent. October live cattle up 57 cents at 98-70. October feeders up 57 at 112-07. October Class III milk up 23 cents at 16-14.

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

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