Egypt buys wheat

Market Line February 8, 2011 Wheat futures were higher Monday. A positive factor was news that Egypt had purchased wheat for the first time in a month which eased fears that the political unrest there will limit wheat purchases. Egypt did buy 55-thousand metric tons of U.S. soft white wheat. It also bought from Australia and Argentina.

Plenty of other tenders are out there from Iraq, Turkey, and possibly Iran and Saudi Arabia.

The USDA’s export inspection report for wheat came in above trade expectations at 29 million bushels.

Tomorrow is USDA’s monthly supply and demand update.

On Monday Chicago March wheat up a nickel at 8-58 ¾. March corn down 3 ¾ cents at 6-74 ¾. Portland soft white wheat by rail only, steady to a dime higher at mostly 8-55. Club wheat premium at Portland 17 cents. New crop August white wheat 20 to 15 cents higher at 8-35 to 8-50. Hard red winter 11.5 percent 17 to 11 cents higher at mostly 9-56. DNS 14% protein up two cents at 11-66.

Cattle futures were mostly lower on Monday. Some 108 fed cattle sales late Friday offered support but lower boxed beef provided pressure. Some traders see the April live cattle contract at too high a premium to the cash market. April live cattle down 127 at 111-75. March feeders down 42 at 124-57. March Class III milk up six cents at 18-56.

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

Now this.