Export business for the U.S.

Market Line December 16, 2010 Wheat futures were mixed Wednesday. Contracts saw good gains early but a higher dollar pressured prices as the day went on.

Egypt bought some U.S. wheat though not soft wheat. It purchased 110-thousand metric tons of U.S. hard red winter wheat and 120-thousand metric tons of soft wheat from France. Jordan also bought 150-thousand metric tons of U.S. hard red winter.

USDA issues the weekly export sales report for wheat this morning.

The Commodity Futures Trading Commission today is to consider limits on speculative trading in commodities.

On Wednesday Chicago March wheat up 1 ½ cents at 7-64 ¾. March corn down three cents at 5-84 ¼. Portland soft white wheat by rail only, up a nickel to down a nickel at mostly 7-43. Club wheat premium mostly 17 cents. New crop August soft white wheat mixed at 6-84 to 7-15. Only new crop red wheat bids at Portland with August 11.5 percent hard red winter wheat at 8-04 to 8-24 and August 14 percent dark northern spring at 9-13 to 9-18.

Cattle futures were lower Wednesday. Boxed beef fell making traders feel we will see lower cash cattle and beef prices through the end of the year. Cash fed cattle had yet to trade. Tomorrow is a cattle on feed report. February live cattle down 62 cents at 103-90. January feeders down 30 at 117-65. January Class III milk up nine cents at 13-20.

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

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