06/24/08 Russia getting export business

Market Line June 24, 2008 Wheat futures were mixed Monday in part on are improved harvest conditions for the hard red winter wheat in the Plains. India's farm minister says his country's wheat crop is expected to hit 78 million tonnes, which would be record large. Egypt purchased Russian wheat over the weekend, none from the U.S. Iran was also a buyer of Russian wheat. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says that after the close Monday USDA updated winter wheat harvest progress and spring wheat crop condition. Hoops: "Winter wheat harvest is 22% done, behind the average of 32. Spring wheat good to excellent up five this week to 72 good to excellent and is behind the 79% we were rated a year ago." The condition rating for the U.S. corn crop actually improved from a week ago. On Monday, Chicago September wheat was unchanged at 8-84 ¼. September corn up three at 7-24 ¼. Portland August new crop soft white wheat five to 10 cents lower on pressure from lower futures at 8-45 to 8-60. August HRW 11.5 % protein down 12 cents at 9-94. August DNS 14% protein down six cents at 10-89. Barley at the coast 218 dollars a ton for July. Cattle futures were mixed Monday despite Friday's friendly Cattle on Feed report. Traders said the report had already been factored into the market. Live cattle did get support from higher fed cash prices last week and higher boxed beef. August live cattle down 15 cents at 104-70. August feeders down 52 at 113-05. August Class III milk down 15 cents at 19-66. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.