07/11/08 Trade gets USDA reports this morning

Market Line July 11, 2008 Wheat futures were unchanged to lower Thursday as traders positioned themselves for this morning's reports from the USDA. When it comes to wheat, traders are generally expecting confirmation of increasing world wheat supplies. U.S. wheat export sales continue to outpace expectations. Lynn Smith of the Zaner Group in Chicago has details of yesterday's weekly report from USDA. Smith: "The USDA reported wheat export sales totaled 617,100 metric tons last week. That was versus expectations of from 400 to 600-thousand. So it was a good report." Both Jordan and Pakistan are said to be tendering for optional origin wheat. On Thursday Chicago September wheat was down 7 ¾ cents at 8-18. September corn down 8 ¼ at 6-86 ½. Portland August new crop soft white wheat was unchanged to up two cents at 7-90 to 8-05. August HRW 11.5 % protein down four cents at 9-16. August DNS 14% protein mixed at 9-77. Barley at the coast 223 dollars a ton for July. Live cattle futures closed weak Thursday on profit taking, cash market nervousness and fund selling. Feeder contracts were mostly higher with lower corn a help. August live cattle down 50 cents at 102-05. August feeders down 25 at 112-65. August Class III milk down 12 cents at 18-35. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.