07/30/08 Wheat futures mixed; cattle higher

Market Line July 30, 2008 Wheat futures were mostly lower Tuesday though a few contracts at Kansas City posted gains. Wheat was pressured early by lower corn due to lower crude oil. Corn worked its way back to close higher. More rain in the forecast for western Australia was cited by some as a negative factor for wheat. Several export sales were reported but it was Russia or Black Sea wheat getting the business with Egypt and Iraq buying. After the futures markets closed Tuesday Agriculture Secretary Ed Schaffer announced that USDA has decided against a penalty free early release of Conservation Reserve Program land to increase 2009 grain profuction. On Tuesday Chicago September wheat was down 5 ¾ cents at 7-92. September corn up 12 cents at 5-94. Portland soft white wheat unchanged to down a nickel at mostly 8-10. No club wheat premium. HRW 11.5 % protein unchanged to up a nickel at 8-95. DNS 14% protein down three cents at 9-53. Barley at the coast 223 dollars a ton. There were strong gains for cattle futures Tuesday. A jump in boxed beef values helped live cattle with short covering and technical factors helping bot live and feeder contracts. Oct live cattle up 80 cents at 105-60. Oct feeders up 137 at 113-87. Sept Class III milk down 46 cents at 18-89 on lower cheese prices. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.