Argentine farmers halt grain sales

Market Line January 17, 2011 Futures traders return from their three-day weekend today. Since last Friday word came that Argentine farmers have halted sales of wheat, corn and soybeans. It is reported to be a seven-day protest that started yesterday against the Argentine government’s limitations on exports to curb inflation.

Last Friday wheat futures were lower on profit taking, sluggish export news and reduced concerns about winterkill in the Plains.

In its new supply and demand report last week USDA’s Gerry Bange says the Outlook Board raised its estimate for average wheat prices.

Bange; “We are looking at an average price for the year of $5.65. That may seem low to some but it does reflect some forward marketing that was made earlier in the year. And everyone knows of course we are seeing vary sharp wheat prices now up in the $7.50 to $8.50 range, maybe even a little higher in some cases, but on the average we think they will turn out to be about $5.65 for the year.”

On Friday Chicago March wheat down 10 ¼ cents at 7-73 ¼. March corn up 6 ¼ cents at 6-48 ¾. Portland soft white wheat by rail only, five to ten cents lower at mostly 7-65. Club wheat premium mostly 25 cents. New crop August white wheat steady to a dime lower at 7-45 to 7-70. Hard red winter 11.5 percent protein down nine cents at 8-50. DNS 14% protein down four cents at 10-45.

Cattle futures were mixed Friday with profit taking cited ahead of the long weekend and last week’s record high future prices. February live cattle down 52 cents at 109-37. March feeders up 40 at 127-30. February Class III milk up nine cents to $15.

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

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