U.S. gets some Saudi wheat business

Market Line August 16, 2011 Wheat futures were higher Monday. Wheat got support from new contract highs for corn, a lower dollar and a better commodity market generally.

Weekly export inspections for wheat came in under expectations at only 18.4 million bushels but Jerrod Kitt with the Linn Group at the CME says there was some positive news regarding Saudi Arabia.

Kitt: “Saudi Arabia over the weekend finished their tender for about 560-thousand tons of hard red wheat. The price came out a little better than anticipated for wheat caught a little bit of that.”

In addition to the United States, the EU, Canada and Australia also got some of the Saudi business.

On Monday Chicago September wheat up a dime at 7-12 ½. September corn up 5 ½ cents at 7-07 ¼. Portland soft white wheat and club wheat five to fifteen cents lower at mostly 6-90. Hard red winter 11.5 percent protein up 15 cents at 8-51. DNS 14% protein up 12 cents at 9-93.

Cattle futures were mixed Monday. Some profit taking from last week’s long positions was cited. Cash fed cattle traded three to four dollars higher last week and there are expectations feedlots will ask for two to four dollars more this week. October live cattle down 35 cents at 120-10. October feeders up 37 at 139-07. September Class III milk up 14 cents at 19-63.

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

Now this.