China buys some soft white wheat

Market Line July 29, 2011 China showed up on USDA’s weekly export sales report Thursday as having purchased 1.8 million bushels of soft white wheat. That didn’t seem to help Portland prices which were steady to lower.

Wheat futures were lower too with Chicago the weakest market getting some spillover pressure from corn which is seeing better weather conditions. The International Grain Council boosted its estimate of world wheat production eight million metric tons from last month’s forecast to 674 million. Jordan purchased Black Sea wheat.

Luisa Longo of Trade Maven at the CME also notes:

Longo: “We are seeing a lot of very light volume as a lot of investors are on the sidelines because of the uncertainty regarding the weather and also the U.S. debt talks.”

On Thursday Chicago September wheat down 11 ½ cents at 6-93 ¼. September corn down 9 ¼ cents at 6-82 ¼. Portland soft white wheat and club wheat steady to a nickel lower at mostly 6-98. New crop August white wheat steady at 6-90 to 7-05. Hard red winter 11.5 percent protein down four cents at 8-13. DNS 14% protein down four cents at 10-10.

Cattle futures were mostly higher Thursday. Less heat in U.S. weather forecasts could mean better consumer beef demand. Beef exports continue to run well ahead of the pace of a year ago. August live cattle up a nickel at 111-62. August feeders up 42 at 135-80. August Class III milk up seven cents at 21-41, called an all-time high.

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

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