Egypt buys more soft white wheat

Market Line November 23, 2010 Wheat futures posted small gains Monday. Traders said some fund buying and spreading versus corn were key factors in the market yesterday. Weekly export inspections for wheat came in lower than last week at 13.7 million bushels.

The weekly crop ratings for winter wheat actually showed a one point improvement in the good to excellent category from last week at 47 percent good to excellent. There were thoughts it would drop due to continued dryness in parts of the plains.

USDA reported on Monday that Egypt purchased 120-thousand metric tons of U.S. soft white winter wheat.

On Monday Chicago December wheat up a penny at 6-45 ½. December corn down 5 ½ cents at 5-15 ¼. Portland soft white wheat for December by rail only steady to a nickel lower at 6-10 to 6-55. No Portland club or red wheat bids. Minneapolis December spring wheat futures up 4 ¼ cents at 7-30.

Live cattle futures were lower Monday with feeder contracts mixed. Friday’s Cattle on Feed report was viewed as slightly bearish and a lower stock market was cited as weighing on cattle. A stronger dollar was also a concern for beef exports. December live cattle down 52 cents at 100-92. January feeders unchanged at 117-40. December Class III milk down a nickel at 13-87.

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

Now this.