Export sales report not friendly for wheat

Market Line December 31, 2010 Wheat futures gave back the previous session’s gains Thursday. There was some year-end trading activity but also a disappointing weekly export sales report for wheat from USDA. Exports totaled just over 16 million bushels, well under trade expectations. Pressure also came from Argentina increasing its wheat production estimate by one-million metric tons.

Cumulative white wheat exports for the marketing year total 98 million bushels, ten million more than a year ago at this time.

On Thursday Chicago March wheat down 14 ½ cents at 7-84 ¾. March corn down eight cents at 6-16. Portland soft white wheat by rail only, steady to a nickel higher at mostly 7-58. Club wheat premium mostly 21 cents. New crop August white wheat steady to three cents lower at 7-07 to 7-25. Only new crop red wheat bids with hard red winter 11.5 percent protein down 14 cents at 8-38 to 8-58 and August 14 percent DNS five to ten cents lower at 9-47.

Cattle futures were mostly lower Thursday despite some economic reports that should have been supportive. Analysts said however, that traders took profits and evened up positions for the end of the year. February live cattle down 92 cents at 107-32. March feeders down 115 at 122-92. February Class III milk up 20 cents at 13-84.

Futures exchanges will have a short trading sessions today, closing early for New Year’s weekend.

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

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