06/23/08 White wheat export sales up; shipments down

Market Line June 23, 2008 USDA Market News out of Portland reports that through June 12th white wheat export sales were running about 100-thousand tons ahead of last marketing year at nearly 855-thousand metric tons. Shipments however, are well below a year ago at only about 36 thousand tons compared to 133-thousand last year. Wheat futures Friday were lower again. And again spillover from lower corn got some of the blame. Rains in the central U.S., where harvest is underway, is causing concern about hard red winter wheat quality. There have been rains in the dry area of eastern Australia and in Argentina but commentary suggests the moisture is short of what is needed in both countries. On Friday Chicago September wheat was down 14 ½ cents at 8-84 ¼. September corn down 6 ¼ at 7-35 ½. Lower Chicago futures, adequate pipeline supplies and light new export demand weighed on Portland soft white wheat bids with August new crop 10 to 25 cents lower at 8-50 to 8-70. August HRW 11.5 % protein down 15 cents at 10-06. August DNS 14% protein down 12 cents at 10-95. Barley at the coast 218 dollars a ton for July. Friday's Cattle on Feed report was being called positive with numbers more friendly than the trade expected. USDA pegged the feedlot inventory down 4.1 percent from a year ago, May placements down 11 percent with May marketings up 2.6 percent. Futures were higher heading into the report. August live cattle up 140 at 104-85. August feeders up 247 at 113-57. August Class III milk down 11 cents at 19-81. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.