Mid-East turmoil negative for wheat futures
Market Line January 31, 2011 Egypt is the largest wheat importer in the world so the political turmoil there impacted wheat futures Friday sending them sharply lower. Concerns are about a disruption of normal trade, unloading and timely payment. The political situation in the Middle East strengthened the dollar which was also negative for wheat. Romania is talking about importing several hundred thousand metric tons of wheat for a buffer until their harvest and Russia may drop a five percent import tariff on wheat come March 1st. On Friday Chicago March wheat down 20 ½ cents at 8-25 ¾. March corn down 6 ¾ cents at 6-44. Portland soft white wheat by rail only, steady to a dime lower at 8-15. Club wheat premium at Portland mostly 25 cents. New crop August white wheat down a dime at 8-10 to 8-15. Hard red winter 11.5 percent protein down 21 cents at 9-02. DNS 14% protein down 14 cents at 11-35. Cattle futures were mostly higher Friday. Short covering was cited as a feature. USDA reported the annual cattle inventory in the U.S. as of January 1st down one percent from a year ago. Beef cows were down two percent and replacement beef heifer numbers down five percent. Dairy cows and dairy heifer replacements were both up one percent. Ahead of that report April live cattle up 12 cents at 112-77. March feeders up 62 at 126-22. March Class III milk down a nickel at 17-44. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net. Now this.
