U.S. gets more Egyptian business

Market Line September 23, 2010 Wheat futures were mostly higher Wednesday. A lower dollar was supportive and traders said the fact Egypt purchased all U.S. wheat in its latest tender was also a positive. It was 220-thousand metric tons of hard red winter wheat. In addition to the U.S. Egypt had tendered for French or Australian wheat.

Improved moisture in the U.S. central Plains was considered somewhat negative.

A grain analysis firm in Russia says to expect a further reduction in the estimate of winter wheat plantings there because of the dry conditions.

This morning traders get the weekly export sales report for wheat from the USDA.

On Wednesday Chicago December wheat up 1 ¾ cents at 7-19 ¾. December corn down a quarter cent at 5-05. Portland soft white wheat five to ten cents lower at mostly 6-47. Club wheat premium mostly 17 cents. No Portland red wheat bids. Minneapolis December spring wheat up 6 ¼ cents at 7-64.

Cattle futures posted sharp losses Wednesday. Analysts say the impact of the bearish Cattle on Feed report is still being felt. Contracts saw aggressive fund selling. The cash fed cattle trade is considered done for the week with most sales at steady money. One positive, after the close the Cold Storage report was viewed as friendly. October live cattle down 132 at 96-17. October feeders down 162 at 109-02. October Class III milk down nine cents at 16-35 on lack of action in cash markets.

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