Trade gets supply and demand updates

Market Line December 10, 2010 USDA issues its monthly supply and demand updates this morning and as USDA World Outlook Board Chairman Gerry Bange says, for wheat the focus is on Australian numbers.

Bange: “Australia is a major right now because they are having such an unusual circumstance there with the heavy, heavy rains in the eastern part of the country, which is impacting their wheat crop we know. We know they had some problems in the west.”

Wheat futures were higher Thursday with Minneapolis the strongest. Weekly export sales were above expectations. Also, Iraq purchased U.S. hard red winter wheat, but Egypt purchased non-U.S. soft wheat.

On Thursday Chicago March wheat up 4 ½ cents at 7-88 ½. March corn down ¼ cent at 5-74 ¼.

The extended Columbia-Snake river navigation closure begins today. As of Thursday there were 20 vessels in Columbia River ports with six docked. Meanwhile at Portland yesterday, soft white wheat by rail only up a nickel to down a nickel at mostly 7-50. Portland Club wheat premium mostly 17 cents. Hard red winter 11.5 percent protein six cents higher at 8-34. No Portland DNS bids. Minneapolis December spring wheat futures up 11 ¼ cents at 8-74.

Live cattle futures were mixed Thursday with feeders mostly lower. Cash fed cattle sold lower than last week at 101 and boxed beef was lower. February live cattle unchanged at 104-62. January feeders down a dime at 118-07. January Class III milk down 12 cents at 13-08.

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

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