Export report dismal but wheat futures higher

Market Line January 14, 2011 Wheat futures closed up Thursday but with no thanks to the weekly export sales report. Export sales totaled only 6.4 million bushels, a 10 ½ month low. A break in the dollar helped wheat as did spillover support from corn and soybeans and there was some carryover technical buying from the previous session.

On Thursday Chicago March wheat up 13 cents at 7-83 ½. March corn up 11 ½ cents at 6-42 ½. Portland soft white wheat by rail only steady at mostly 7-73. Club wheat premium mostly 25 cents. New crop August white wheat steady to 20 cents higher at 7-45 to 7-80. Hard red winter 11.5 percent protein 17 cents higher at 8-59. DNS 14% protein up 16 cents at 10-49.

There were some record high live cattle future prices this week and USDA analyst Shayle Shagum says several factors are involved.

Shagum: “Which are the perceptions that there are some very good export prospects out there that will help pull U.S. product overseas and keep supplies for domestic consumers fairly tight.  But the other side of the equation is the supply side where we are looking at a shrinking inventory and progressively tighter supplies of beef.”

Live cattle futures were mixed Thursday with profit taking a factor. Boxed beef was higher and some Plains fed cattle sold at 108 dollars. February live cattle down 30 cents at 109-90. March feeders up 85 at 126-90. February Class III milk up four cents at 14-91.

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

Now this.