10/14/08 Egypt buys some more U.S. wheat

Market Line October 14, 2008 Wheat futures were sharply higher Monday as ag commodities in general benefited from the rally on Wall Street. Louise Gartner of the Linn Group at Chicago says there was also some news on the export front over the weekend. Gartner: "Egypt did buy 265-thousand tons of wheat. About half of that coming from the United States. So, two sales in a row where the U.S. has been a player in the Egyptian sales. Both the times coming on soft red winter wheat, but nevertheless we are still in the game. 120-thousand this time and Egypt took 145-thousand of Russian wheat. So it is still between the U.S. and Black Sea wheat, but again, it is encouraging to see we are able to compete in those key markets." On Monday Chicago December wheat was up 25 cents at 5-88 ½. December corn up 3 ¼ at 4-11 ½. Portland soft white wheat up a nickel at mostly 5-40 with premiums for maximum 10.5 percent protein. Club wheat 5-80. HRW 11.5 % protein 6-72. DNS 14% protein 24-39 cents higher at 7-93. No Portland barley bids. The stronger stocks and financial markets help cattle futures rally on Monday. The Linn Group's Gartner says traders backed off late in the session as concerns remain about the economy and beef demand longer term. Dec live cattle up 170 at $93. Nov feeders up 112 at 96-17. Nov Class III milk up six cents at 15-75. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.