09/26/08 Still no U.S. Egyptian wheat business

Market Line September 26, 2008 Wheat futures had modest gains Thursday. This was despite disappointing export sales numbers from USDA and news that once again Egypt purchased no wheat from the U.S. but instead went for 120-thousand metric tons of Russian grain. Mark Chiodo of Slipka trading at the Minneapolis Grain Exchange says action is sort of on hold until Congress finalizes a financial bailout plan. Chiodo: "Without something definite out of Congress, and that doesn't look like it will happen until the weekend, why I don't think we are going anywhere very far for the time being here. Weather is moderate and not threatening anything too much so, here we stand." The International Grains Council raised its estimate of world wheat production. It is now in line with USDA's last estimate. On Thursday Chicago December wheat was up six cents at 7-36 ¼, December corn down 4 ¾ at 5-58 1/4. Portland soft white wheat was mixed at mostly 6-70 with some premiums for maximum 10.5 protein. Club wheat 6-80. HRW 11.5 % protein one to six cents higher at 8-15. DNS 14% protein up nine cents at 9-34. No Portland barley bids. Cattle futures were mostly lower Thursday. Profit taking was called a feature for both live and feeder contracts. Worries about the cash fed cattle market was also a factor. Oct live cattle down 122 at 100-dollars 95 cents. Oct feeders down 75 at 106-85. Oct Class III milk up two cents at 17-40. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.