07/02/08 Egypt buys non-U.S. wheat

Market Line July 2, 2008 Wheat futures were mixed Tuesday with Chicago higher but Minneapolis and Kansas City lower. Improved spring wheat ratings were cited as pressuring Minneapolis. Good harvest weather is seen for the hard red wheat belt. Joe Victor of Allendale Incorporated says the U.S. lost out on sales to Egypt. Victor: "With Egypt buying 150-thousand tons of wheat when its original tender was for 55-60-thousand. The award winners, Canada, Russia and the Ukraine, but nothing for the U.S." Pakistan said it had purchased 405-thousands metric tons of soft wheat but there was no confirmation of the source. Traders think it was from Europe. On Tuesday Chicago September wheat was up six cents at 8-64 ¾. September corn down 5 ½ at 7-32 ½. Portland August new crop soft white wheat up a dime to down 15 cents at $8 to 8-10. August HRW 11.5 % protein down two cents at 9-69. August DNS 14% protein down a dime at 10-46. Barley at the coast 223 dollars a ton for July. Live cattle futures were mixed Tuesday with feeders higher. Continued weak corn was supportive to feeder contracts, bearish to deferred live cattle. August live cattle down a dime at 103-32. August feeders up 30 at 112-17. August Class III milk down 12 cents at 18-96. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.