Another supply and demand report this week

Market Line February 7, 2011 USDA will be putting out its February supply and demand updates for grains Wednesday morning. On Friday wheat futures put in more modest losses. Factors cited were an overbought market, a stronger dollar and a calmer situation in Egypt.

As for the handling of wheat shipments in Egypt, U.S. Wheat Associates spokesman Steve Mercer says they have been in contact with their man there, Dick Pryor who has talked to the large Egyptian government buyer.

Mercer: “They tell Dick that they are doing everything they can to continue to get ships unloaded from the ports, onto trucks onto flour millers and then onto the local bakeries.”

Mercer acknowledges that at times general media reports contradict that.

Stats Canada reported Friday wheat stocks in Canada at the end of the year were 20.2 million bushels down about two percent from a year ago.

On Friday Chicago March wheat down 5 ¼ cents at 8-53 ¾. March corn up 16 cents at 6-78 ½. Portland soft white wheat by rail only, steady to a dime lower at mostly 8-46. Club wheat premium at Portland 17 cents. New crop August white wheat steady to a nickel lower at 8-15 to 8-35. Hard red winter 11.5 percent down six cents at 9-41. DNS 14% protein six to ten cents lower at 11-63.

Cattle futures were mostly lower Friday. Some profit taking was cited as well as lower boxed beef prices. Fed cattle sales last week were mostly 106 dollars. April live cattle down 17 cents at 113-02. March feeders down 50 cents at 125. March Class III milk up 13 cents at 18-50.

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

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