Egypt skips U.S.

Market Line November 3, 2010 There was market commentary on Tuesday’s trading that the market was awaiting results of the election and also a Federal Reserve Board meeting.

Wheat futures did close lower again Tuesday. A weak dollar and declining winter wheat crop rating helped support contracts initially but better chances for rain in long-term weather forecasts for dry areas was bearish. Also, Egypt purchased 230-thousand metric tons of wheat but none from the U.S. It bought wheat from France, Argentina and Australia.

USDA reports that 91 percent of the U.S. corn crop has been harvested. The five year average for now is only 61percent.

On Tuesday Chicago December wheat down 8 ¼ cents at 6-94 ¼. December corn down 1 ½ cents at 5-75 ¾. Portland soft white wheat steady at mostly 6-31 on limited bids. Club wheat premium mostly 13 cents. No Portland red wheat bids. Minneapolis December spring wheat futures down four cents at 7-62 ¾.

Cattle futures traded higher Tuesday. Steady boxed beef prices were cited and lower corn helped feeders. A weak dollar plus a raise in Australia’s interest rates and its dollar was viewed as reducing beef imports from down under. December live cattle up a dime at 98-25. January feeders up 145 at 112-05. December Class III milk up nine cents at 14-22.

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

Now this.