Egyptian buy helps wheat futures

Market Line December 29, 2010 Wheat futures had double digit gains Tuesday with Chicago March wheat hitting $8 during the session for the first time since August. Traders pointed to an Egyptian purchase of 60-thousand metric tons of U.S. soft red winter wheat. Egypt also bought 180-thousand metric tons from Argentina.

Snow is to proceed some cold temperatures forecast in parts of the northwest later this week. Allen Motew of 2T Weather for the Linn Group says that’s the case for some areas of the Plains that are bare as well.

Motew: “And it looks like we will see some areas being unprotected but most will get snow cover in advance as needed, in advance of the cold air.”

On Tuesday Chicago March wheat up 18 cents at 7-98 ¼. March corn up eight cents at 6-23 ¼. Portland soft white wheat by rail only steady to a nickel higher at mostly 7-62. Club wheat premium mostly 17 cents. New crop August white wheat five to 17 cents higher at 7-19 to 7-35. Only new crop red wheat bids with hard red winter 11.5 percent protein up 16 cents at 8-54 to 8-74 and August 14 percent DNS up sixteen cents at 9-55 to 9-60.

Cattle futures were mixed Tuesday. Traders are expecting higher cash fed cattle this week and boxed beef was higher again. However, a drop in the consumer confidence index made traders wary about consumer demand. February live cattle down 15 cents at 107-80. March feeders down 22 at 123-45. February Class III milk down two cents at 13-40.

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

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