Egypt buys some U.S. wheat
Market Line July 31, 2009 Wheat futures managed to close higher Thursday despite giving back more than ten cents of early day gains. Strong soybean exports had beans pulling other grains higher. Egypt purchased nearly 300-thousand tons of wheat with 55-thousand of that total coming from the United States. The spring wheat tour has been going on in North Dakota this week and Louise Gartner for the Linn Group at the Chicago Board of Trade says the report is much better yields than last year. Gartner: “There is talk that you will probably see lower protein but right now it is the bushels that matter and that is what is creating consistent pressure in this wheat complex.” The International Grain Council raised their estimate of this year’s world wheat production by two million metric tons to 654 million but that is still down from last year’s 687 million. On Thursday Chicago September wheat was up 4 ¾ cents at 5-16 ¼. September corn up 11 ½ at 3-32 ¼. Portland soft white wheat steady to lower at mostly $5. Club wheat 6-88. HRW 11.5 % protein one to two cents lower at 5-90. DNS 14% protein two to three cents lower at 6-85. No Portland barley bids. Cattle futures closed higher Thursday with short covering a feature in both live and feeder pits. The strong stock and financial markets offered support. Traders awaited the bulk of the cash fed market action to take place. October live cattle up 60 cents at 89-85. October feeders up a nickel at 102-27. September Class III milk down 26 cents at 11-85 on lack of cheese market activity. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.
