07/07/08 Trade awaits crop condition reports

Market Line July 7, 2008 It is back to work for futures traders today and they will be waiting to see what the USDA reports as far as spring wheat crop condition in its weekly report which comes out after the close today. In the last trading session Thursday, Chicago and Kansas City wheat futures were higher with Minneapolis mixed as old crop there is losing its premium. The USDA's weekly export sales report for wheat was bullish with sales of 668-thousand tons exceeding the high range of expectations. U.S. white wheat sales continue to run ahead of last year at this time but shipments are lagging well behind a year ago. Last Thursday Chicago September wheat was up 7 ¼ cents at 8-87 ½. September corn down 3 ¼ cents at 7-57 ¾. Portland August new crop soft white wheat was unchanged at 7-85 to 8-10. August HRW 11.5 % protein up seven cents at 9-87. August DNS 14% protein mixed at 10-43. Barley at the coast 223 dollars a ton for July. Traders will be looking to see if there was any further cash fed cattle action since the markets closed last Thursday. There had been some cash sales of 100 to 102-50 but futures still closed weak. August live cattle down 20 cents at 103-80. August feeders down 57 at 111-57. August Class III milk up 30 cents at 19-12. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.