Wheat export sales a mixed bag

Market Line September 24, 2010 Wheat futures saw some sharp losses Thursday. The weekly export sales report for wheat came in above expectations for the 2010-11 marketing year but a large cancellation for 2011-12 cut combined sales in half. Traders said a higher dollar and spreading into corn were also negative for wheat.

The International Grains Council left its estimate of world wheat production for 2010-11 unchanged at 644 million metric tons

Informa Economics has projected 2011-12 all wheat plantings in the U.S. at 57 million acres.

On Thursday Chicago December wheat down 22 ½ cents at 6-97 ¼. December corn down 5 ¾ cents at 4-99 ¼. Portland soft white wheat steady to a dime lower at mostly 6-40. Club wheat premium mostly 17 cents. No red wheat bids at Portland. Minneapolis December spring wheat down 20 ½ cents at 7-43 ½.

Cattle futures were mixed Thursday. There was some short covering and futures discount to cash was also supportive. Still there are concerns about the economy and beef demand. October live cattle down a nickel at 96-12. October feeders up 27 at 109-30. October Class III milk up 12 cents at 16-47 and a new high. This afternoon USDA issues a Quarterly Hogs and Pigs Report.

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

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