07/10/08 Iran has large wheat import needs

Market Line July 10, 2008 Wheat futures were lower Wednesday with spillover from lower corn cited at Chicago. French officials said EU soft wheat production this year will be up 12 to 15 percent compared to last year. India's record wheat crop has gotten larger. Joe Victor of Allendale Incorporated says Egypt purchased 290-thousand metric tons of wheat but it was not yet clear if any was U.S. wheat. Iran of course won't import wheat from the U.S. but Victor takes as bullish news that Iran has large import needs this year because of drought there. Victor: "Iran suspects that they are going to require five million tons of wheat imports this year. And that compares to only 200-thousand tons two years and just a shade over 1.5 million tons last year." On Wednesday Chicago September wheat was down 10 ¾ cents at 8-25 ¾. September corn down 9 ¾ at 6-94 ¾. Portland August new crop soft white wheat was mixed from down two to up 30 cents at 7-90 to 8-03. August HRW 11.5 % protein down eight cents at 9-20. August DNS 14% protein two to seven cents lower at 9-73. Barley at the coast 223 dollars a ton for July. Optimism about this week's cash fed cattle trade, short covering and the possibility of beef shipments to Korea resuming this week and lower corn were all factors in higher cattle futures Wednesday. August live cattle up 45 cents at 102-55. August feeders up 137 at 112-90. August Class III milk down 25 cents at 18-47. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.