07/23/08 Wheat futures mostly highr as corn drops more

Market Line July 23, 2008 Wheat futures were unchanged to higher Tuesday. Brian Hoops of Midwest Market Solutions says wheat continues to benefit from falling corn futures. Hoops: "Mostly some strength there from spread traders buying wheat and selling corn. Also demand news is starting to pick up a little bit." Lower crude oil, a higher dollar and good weather have put the pressure on corn futures. There are reports out of Iran citing the Deputy Minister of Commerce there saying Iran may import as much as one million metric tons of wheat a month. Iran doesn't buy from the U.S. but such purchases would impact world supplies. On Tuesday Chicago September wheat was up 5 ¾ cents at 7-96 ¾. September corn down 15 ¾ at 5-73 ½. For the first time since late March December corn closed under $6. Portland August new crop soft white wheat unchanged to a nickel higher at 7-85 to $8. August HRW 11.5 % protein up a penny at 8-99. August DNS 14% protein unchanged at 9-60. Barley at the coast 223 dollars a ton. Cattle futures posted losses Tuesday. Even lower corn didn't help feeder contracts. Factors cited were fund liquidation, eroding wholesale beef values and cash market nervousness. August live cattle down 90 cents at 97-60. August feeders down 77 at 113-87. August Class III milk down nine cents at 18-63 with lower corn and soybeans seen as negative. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.