Export inspections disappoint

Market Line November 2, 2010 Wheat futures had sharp losses Monday. Lynn Smith of the Zaner Group at the Chicago Board of Trade says contracts started higher but then the dollar turned up and profit taking set in.

Smith: “Most of them are concerned about the dryness in the winter wheat belt but it is still not to late for that to turn around and I think the traders started to recognize that a little bit, maybe got a little ahead of itself.”

After the close USDA reported the winter wheat condition had slipped a point from last week to 46 percent good to excellent.

The weekly export inspections report from USDA was under trade expectations at only 16 million bushels. Last week they were 23 million.

On Monday Chicago December wheat down 14 ¾ cents at 7-02 ½. December corn down 4 ¾ cents at 5-77 ¼. Portland soft white wheat ten to 15 cents higher at mostly 6-30 on limited bids. Club wheat premium mostly 13 cents. No Portland red wheat bids. Minneapolis December spring wheat futures down a dime at 7-66 ¾.

Cattle futures were lower at mid-day with was attributed to uncertainty about this week’s cash fed cattle market. There were some cash cattle traded yesterday a dollar and a half lower than last week. Boxed beef was also lower. December live cattle down 67 cents at 98-15. January feeders down 20 at 110-60. December Class III milk down 19 cents at 14-13, a new low on falling cheese prices.

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

Now this.