05/22/08 Expected Trust release pressures white wheat

Market Line May 22, 2008 Cash soft white wheat bids at Portland Wednesday were anywhere from a dime to nearly 30 cents lower. USDA Market News said the drop was due to trade anticipation of the release of wheat from the Bill Emerson Humanitarian Trust later this week. Meanwhile wheat futures yesterday were mostly lower but Brian Hoops of Midwest Market Solution says there are several things supporting the market. Hoops: "Iraq bought between 400-thousand and 600-thousand tons of wheat giving us a little bit of support. There is something wheat business out t here with Bangladesh and Pakistan looking for some wheat as well. Dryness in Australia and concern about dryness in the filling stage for some wheat in Kansas have kept support under this market at a time when most of the trade wants to sell any rally because of increased world production." On Wednesday Chicago July wheat was down six cents at 7-78. July corn up 17 ½ at 6-07 ¼. Portland new crop soft white wheat 15 to 28 cents lower at 7-75 to 7-80. August HRW 11.5 % protein up a penny at 9-11. August DNS 14% protein down a penny at 9-97. Barley at the coast 198 dollars a ton. Cattle futures were higher Thursday with technical buying, buy stops and cash optimism. June live cattle up 97 cents at 94-62. August feeders up 70 at 114-37. June Class III milk down four cents at 20-47. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.