Disappointing wheat export inspections

Market Line October 19, 2010 Wheat futures were lower Monday. Traders said outside markets were a mixed influence on wheat. Weekly export inspections came in under trade expectations at 20.8 million bushels, down from last week and under the 24.9 million needed weekly to meet USDA export projections. Improving rain chances for the hard red winter wheat belt were also viewed as bearish.

USDA reported Monday that 80 percent of the winter wheat crop has been planted and emergence is at 51 percent.

Egypt was tendering overnight for optional origin wheat for late December shipment.

On Monday Chicago December wheat down 14 ½ cents at 6-90. December corn down 5 ¾ cents at 5-57 ¼. Portland soft white wheat steady to 25 cents higher at mostly 6-05 on limited bids. Club wheat premium mostly 17 cents. No Portland red wheat bids. Minneapolis December spring wheat down 9 ¼ cents at 7-44 ¾.

Cattle futures were mixed Monday. Live cattle got support from trader ideas of seeing a higher fed cash market this week and from higher boxed beef. Profit taking trimmed some gains. Lower corn pressured deferred live cattle futures but was supportive to feeder contracts. December live cattle up 60 cents at 100-72. November feeders up 17 at 109-55. November Class III milk down seven cents at 15-48.

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

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