05/30/08 India may export wheat again

Market Line May 30, 2008 Wheat futures closed lower Thursday with Chicago suffering the most. Traders said lower crude impacted the soy complex and grains. Joe Victor of Allendale Incorporated says a more direct impact on wheat came from news about a major importer the past two years turning exporter. Victor: "That India may be preparing to relax the curb on wheat exports. The potential is there for 1.8 million tons of wheat exports from India. The last time India was a notable exporter in the 2004-05 marketing year had just shade over 2.1 million tons and the year before that 5.65 million tons." Harvesting of the soft red winter wheat crop in the southeast is underway putting pressure on prices at the Gulf. On Thursday Chicago July wheat was down 15 ½ cents at 7-43 ½. July corn down 10 ¼ at 5-82 ¼. Portland August new crop soft white wheat was five to 35 cents lower at 6-80. August HRW 11.5 % protein five to ten cents lower at 8-81. August DNS 14% protein down a dime at 9-70. Barley at the coast 198 dollars a ton. Cattle futures were lower Thursday. There was technical selling in the live pit and concerns contracts were too high for the cash market. Feeders saw a lack of buying interest despite lower corn. August live cattle down 70 cents at 100-92. August feeders down 35 at 115-45. July Class III milk down 69 cents at 20-55 with lower cheese prices providing the downward pressure. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.