07/24/08 Wheat futures lower; cattle mixed

Market Line July 24, 2008 Wheat futures closed lower Wednesday with fund selling a feature. Brian Hoops of Midwest Market Solutions says corn and crude oil were really the drivers. Hoops; "This is a market without new fundamental news. I think we just got oversold on the downside and then had a good bounce back up on some short covering and unwinding of the wheat-corn spreads that have been placed in the past few days. Cattle also tried to rebound following the lead of corn so basically everything is following along with the corn market." Weekly export sale numbers will be out this morning. Reports yesterday said Jordan purchased 100-thousand tons of Black Sea wheat and Iraq may have purchased European wheat. On Wednesday Chicago September wheat was down 13 ½ cents at 7-83 ¼. September corn down two at 5-71 ½. Portland August new crop soft white wheat was steady to down 15 cents at 7-70 to $8. August HRW 11.5 % protein down 12 cents at 8-87. August DNS 14% protein down a dime at 9-50. Barley at the coast 223 dollars a ton for July. It was losses for feeder cattle futures Wednesday and gains for live cattle. Short covering was a feature in the live pit while technical trading was a factor for feeders. Traders are also preparing for Friday's Cattle on Feed Report and mid-year cattle inventory from USDA. August live cattle up 55 cents at 98-15. August feeders down 127 at 112-60. August Class III milk down 12 cents at 18-51. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.