05/27/08 CCC sells Emerson Trust wheat

Market Line May 27, 2008 The USDA's Commodity Credit Corporation said Friday it had sold 18.3 million bushels of wheat from the Bill Emerson Humanitarian Trust. Most of the grain was soft white and hard red winter wheat. Exporters at Portland didn't issue bids for soft white wheat Friday as they awaited results of the Trust sale. Markets were closed yesterday. Wheat futures were mixed in the last trading session Friday. The hard red winter wheat harvest is underway in Texas and Oklahoma which put pressure on Kansas City although Brian Hoops of Midwest Market Solution says Texas yields aren't that good. Hoops: "Texas yields are coming in disappointing at 10 to 15 bushels an acre." Weather is still being watched in dry eastern Australia. The Ukraine announced late last week it was ending its export restrictions. On Friday Chicago July wheat was up 7 ½ cents at 7-52 ½. July corn up four at 5-99 ¾. Again no soft white wheat bids at Portland. August HRW 11.5 % protein down two cents at 8-82. August DNS 14% protein up a nickel at 9-72. Barley at the coast 198 dollars a ton. Cattle futures were higher Friday with some contracts reaching new highs. Cash fed cattle prices up to 95 dollars a hundredweight were a factor as were fund buying and short covering. August live cattle up 145 at 101-30. August feeders up 47 cents at 115-22. July Class III milk up seven cents at 21-42. Agriculture Secretary Ed Schafer announced Friday that USDA plans to purchase up to $2 million of lamb which will be donated to child nutrition and other domestic food assistance programs. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.