05/08/08 World crop outlook pressures wheat

Market Line May 8, 2008 Wheat futures posted modest losses Wednesday. Expectations of a larger world wheat crop and rain in parts of the dry U.S. hard red winter wheat belt were cited as factors. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange says the crop tour put out an estimate of yields for eastern Kansas. Chiodo: "About 45 bushels to the acre average. That is five bushels more than a year ago. That's lent itself to some selling in the market here although Chicago had more selling than KC actually but, and was down more, but there crop is reported to be in pretty good shape and should have a pretty good yield and pretty good crop to deal with there." USDA did confirm a U.S. sale of 300-thouand metric tons of wheat to Iraq. On Wednesday Chicago July wheat was down 10 ½ cents at 8-07 ½. July corn up 6 ¾ at 6-13. Portland new crop August soft white wheat unchanged to down a nickel at 7-88 to $8. August HRW 11.5 % protein down four cents at 9-27. August DNS 14% protein four to six cents lower at 10-04. Barley at the coast 198 dollars a ton. Despite that recent agreement on beef between the U.S. and South Korea officials in Korea are signally that they will halt imports if the U.S. has another case of BSE. Meanwhile cattle futures were mixed Wednesday. Profit taking and contract spreading were features. June live cattle unchanged at 91-82. August feeders up seven cents at 108-27. June Class III milk down a nickel at 19-37. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.