06/20/08 Egypt cancels a tender

Market Line June 20, 2008 Wheat futures were lower Thursday. There was spillover from a weather related drop in corn futures. Peter Georgantones of Investment Trading Services in Minnesota, says weekly export sales weren't exactly bullish. Georgantones: "Export sales were about 550-thousand tons. Not a bad number but we are really behind last year on new crop sales. Everyone is playing the waiting game now until we get more into the harvest. Egypt backed out of a bid as well. Harvest is still going to go slow for the next ten days or so down in the winter wheat belt. They are getting rains and pesky rains are all around. I see they got some good moisture in Australia and the rest of the world's wheat crops are on the upswing here and looking to improving." Iran has reportedly purchased up to one million metric tons of wheat from Canada. On Thursday Chicago July wheat was down 23 cents at 8-81. July corn down 18 ½ at 7-27 ¾. Portland August new crop soft white wheat unchanged to down ten cents at 8-60 to 8-95. August HRW 11.5 % protein 20 to 30 cents lower at 10-21. August DNS 14% protein down 16 cents at 11-07. Barley at the coast 218 dollars a ton for July. Live cattle futures were lower Thursday with lower corn impacting deferred contracts. Sharply lower corn futures helped feeder contracts close higher. USDA issues its monthly Cattle on Feed report this afternoon. August live cattle down 45 cents at 103-45. August feeders up 60 at 111-10. July Class III milk down eight cents at 18-94. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.