01/22/09 U.S. gets more Egyptian business

Market Line January 22, 2008 Wheat futures posted big gains Wednesday nearly gaining back the steep losses from Tuesday. Funds were buyers yesterday and news that for the second straight week the U.S. had sold Egypt wheat was supportive. Egypt purchased a total of 178-thousand tons of which 60-thousand tons were U.S. soft red winter wheat. The rest was Russian and French wheat. Argentina has again lowered its wheat crop production estimate. It's now pegged at 8.3 million tons. USDA's last estimate was 9.5 million. USDA meteorologist Brad Rippey says the recent cold in the Midwest could have harmed some soft red winter wheat. Rippey: "And I think probably the area of greatest concern would be southern Illinois where we did not see a snow cover. Temperatures did fall at or below 0 degrees Fahrenheit." On Wednesday Chicago March wheat was up 21 ¾ cents at 5-71 ¾. March corn up 6 ¾ at 3-90 ¼. Portland soft white wheat any protein steady to ten cents higher at mostly 5-65. Maximum 10.5 percent protein 5-75. Club wheat 7-15. Maximum 10.5 percent club wheat 7-25. HRW 11.5 % protein 21-23 higher at 6-40. DNS 14% protein 17 to 27 cents higher at 7-17. No Portland barley bids. Cattle futures were mostly lower Wednesday. An uncertain stock market in the early going was cited as a factor. There is also nervousness about Friday's Cattle on Feed report. Feb live cattle down 27 cents at 82-35. March feeders down 40 at 91-35. Feb Class III milk up four cents at 9-38. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.