Wheat futures drop; Egypt tenders

Market Line February 11, 2011 Wheat futures closed sharply lower Thursday with Minneapolis losing the least. Weekly export sales were within trade expectations at 18.7 million bushels but still disappointing. The possibility of moisture in dry areas of the U.S. and China were also negatives as was a stronger dollar.

After the close Egypt tendered for both hard and soft wheat for April delivery. U. S. Wheat Associates vice president in Egypt Dick Pryor, who is still there, thinks whatever happens the wheat trade will continue.

Pryor: “And even if they leadership I still think they are going to maintain the regular ties with their normal suppliers no matter who is doing the buying.”

On Thursday Chicago March wheat down 23 ¼ cents at 8-62 ¾. March corn up a half cent at 6-98 ½. Portland soft white wheat by rail only, was up 55 cents to down a dime at mostly 8-80. Club wheat premium at Portland mostly 17 cents. New crop August white wheat up a dime to down a nickel at 8-60 to 8-70. Hard red winter 11.5 percent down 20 cents at 9-71. DNS 14% protein up three cents to down 12 at mostly 12-07.

Cattle futures had big gains Thursday. Weight loss and delayed marketing from winter storms in the nation’s mid-section were cited as were concerns about tightening food and feed supplies generally. April live cattle up 180 at 113-07. March feeders up 190 at 124-82. March Class III milk up a penny at 18-56.

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

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