07/22/08 Good corn weather pressures wheat futures

Market Line July 22, 2008 Wheat futures were lower Monday with traders saying most of the selling pressure came from row crops as forecasts show good Midwest crop weather for the next week. Beneficial weekend rains in both eastern and western Australia were also bearish. Weekly export inspections for wheat were just over 28 million bushels. Inspections of only 19 million are needed each week to reach USDA's export forecast. Brian Hoops of Midwest Market Solutions highlights the weekly crop progress report from USDA out after the close. Hoops: "Winter wheat harvest pace at 71% completed versus 78 a year ago and 79 on average. Good to excellent ratings for spring wheat up two from last week at 63 good to excellent at last year at 75%." Hoops says Egypt is tendering for a cargo of wheat. They haven't purchased much from the U.S. recently. On Monday Chicago September wheat was down 13 cents at 7-91. September corn down 20 ¼ at 5-89 ¼. Portland August new crop soft white wheat down five to ten cents at 7-80 to $8. August HRW 11.5 % protein down 15 cents at 8-98. August DNS 14% protein down 13 cents at 9-60. Barley at the coast 223 dollars a ton for July. Cattle futures were mostly higher Monday with short covering and technical trading a feature in the live pit. Once again falling corn futures helped feeder cattle. August live cattle up a dollar at 98-50. August feeders up 77 at 114-65. August Class III milk down 27 at 18-72. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.