07/25/08 Good export news for wheat

Market Line July 25, 2008 Wheat futures were mostly higher Thursday. Brian Hoops of Midwest Market Solutions says export news was a key. Hoops: "Better export business and some spreading against corn helped to rally wheat. Wheat got some friendly demand news. Tunisia bought 84-thousand metric tons of wheat. Pakistan is tendering for 250-thousand. Exports were 22.4 million bushels. (Weekly export sales) So, not a bad number for wheat exports." Australia received significant rains earlier this week helping establishment of the wheat crop there. An analyst for Farm Progress says however that dryness continues to be a problem in about a quarter to one-third of the Australian winter wheat belt. Acreage is up 13 percent over last year. On Thursday Chicago September wheat was up 4 ½ cents at 7-87 ¾. September corn up 1 ½ at 5-73. Portland August new crop soft white wheat five to 20 cents higher at 7-90 to 8-05. August HRW 11.5 % protein up a nickel at 8-92. August DNS 14% protein up a nickel at 9-55. Barley at the coast 223 dollars a ton for July. Live cattle futures were firm Thursday with feeders mixed. Short covering was a feature. Traders are nervously awaiting this afternoon's USDA Cattle on Feed report as well as the department's mid-year cattle inventory. August live cattle up 40 cents at 98-55. August feeders down 22 at 112-37. August Class III milk up 27 cents at 18-78. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.