07/09/08 Mixed wheat and cattle futures

Market Line July 9, 2008 Wheat futures were narrowly mixed Tuesday after rallying back from an early sell off. Weather and wheat/corn spreading were cited as factors. In the corn market there is concern by traders over the deterioration in demand for corn based ethanol. Jordan purchased 50-thousand tons of Black Sea wheat well below U.S. prices. However, Joe Victor of Allendale Incorporated remains positive about U.S. wheat exports given the recent price decline. Victor: "We did see that there is some interest that is started to be stimulated from the foreign export demand sector. And of course saw that South Korea was a continued buyer of feed wheat taking more stocks of wheat off the world market as opposed to buying the higher priced corn." On Tuesday Chicago September wheat was up a half cent at 8-36 ½. September corn down 23 ¼ at 7-04 ½. Portland August new crop soft white wheat down a dime to up 20 cents at 7-60 to 8-05. August HRW 11.5 % protein mixed at 9-28. August DNS 14% protein five to ten cents lower at 9-80. Barley at the coast 223 dollars a ton for July. Live cattle futures were lower Tuesday with feeder contracts higher. Lower corn pressured deferred live contracts while benefiting feeders. Cash market prices were also positive for feeder contracts. August live cattle down 20 cents at 102-10. August feeders up 50 at 111-52. August Class III milk down 11 cents at 18-72. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.