08/01/08 Good export report but wheat futures mixed

Market Line August 1, 2008 Wheat futures closed lower in Chicago and Kansas City Thursday with Minneapolis posting some fractional gains. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota says USDA's weekly export sales report for wheat did however come in above expectations. Georgantones: "We had real nice sales. About 730-thousand tons on the weekly export docket. We are only looking for about 350-550 so that is a very nice number. And just kind of a slow news day. Things will certainly change as we get close to that August 12th crop report." That export sales report showed that Iran was again a buyer of U.S. wheat. Eastern Australia may get up to an inch of precipitation over the next few days. On Thursday Chicago September wheat was down four cents at 7-83 ¾. September corn down 14 at 5-87 ½. Portland August soft white wheat eight to ten cents higher at mostly 8-20 on limited country selling and moderate to good export demand. No club premium. HRW 11.5 % protein down four cents at mostly 8-89. DNS 14% protein up a penny at 9-56. Barley at the coast 225 dollars a ton. Feeder cattle futures led the cattle complex higher Thursday. Commodity fund buying was seen as a feature. Sharply lower corn was also plus for feeders. Oct live cattle up 15 cents at 106-30. Oct feeders up 180 at 116-42. Sept Class III milk down four cents at 18-10. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network.