08/06/08 Egypt buys some U.S. wheat

Market Line August 6, 2008 Wheat futures were selling off into the close Tuesday but still managed to end higher recovering most of Monday's sharp losses. Joe Victor of Allendale Incorporated says there was some good export news. Victor: "Original tender Egypt was looking for 55-60-thousand tons. Actually came in and bought over 270-thousand ton. Good news is off that 270, 175 of it was from the United States the balance going to Russia and Ukraine. Also USDA's National Agricultural Statistics Service on Monday did release a report that showed the spring wheat conditions continue to decline and does offer a level of fundamental support." On Tuesday Chicago September wheat was up 21 ¼ cents at 7-80. September corn down 10 ¼ at 5-25 ¼. Portland soft white wheat five to 15 cents higher at mostly 8-10. Club wheat 8-15. HRW 11.5 % protein 11 to 21 cents higher at 8-82. DNS 14% protein 11 to 16 cents higher at 9-38. Barley at the coast 225 dollars a ton. Cattle futures were mostly lower Tuesday. Funds were sellers and lower corn had traders selling deferred contracts and moving to nearby. Feeders were pressured by the board's premium to CME's Cattle Feeder Index. Oct live cattle down 60 cents at 106-90. Oct feeders down 65 at 117-55. Falling spot cheese prices pressured Class III milk futures with the September contract down 22 cents at 17-53. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.