U.S. misses out on Egypt this time

Market Line October 5, 2010 Wheat futures were lower Monday. Among the negative news items was the fact Egypt purchased 240-thousand metric tons of wheat from France and Canada over the weekend and none from the U.S. Iraq did buy from the U.S., Australia and Ukraine.

The weekly export inspections for wheat were 24 million bushels, down slightly from last week but up from a year ago.

Recent rains in Argentina are expected to greatly benefit that country’s wheat crop.

USDA reports 53 percent of the U.S. winter wheat crop planted with 22 percent emerged, just slightly behind average, and the spring wheat harvest at 95 percent complete.

On Monday Chicago December wheat down 7 ¾ cents at 6-47 ¼. December corn up 5 ¾ cents at 4-71 ½. Portland soft white wheat steady to 20 cents lower at mostly 5-88. Club wheat premium mostly 17 cents. No Portland red wheat bids. Minneapolis December spring wheat down 10 ¼ cents at 6-95 ¾.

Cattle futures saw triple digit losses Monday on what analysts say was fund and investor selling. Wholesale beef was weak and higher corn pressured feeders. December live cattle down 105 at 97-30. November feeders down 160 at 110-67. November Class III milk down 17 cents at 15-86.

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

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