Canadian Wheat Decrease & Down Market for the Holiday

Canadian Wheat Decrease & Down Market for the Holiday. I'm Greg Martin, this is Market Line. The Canadian Wheat Board has decreased its price projections for most classes of wheat sold during the upcoming 2010-11 crop year in the updated pool return outlooks released Thursday. The 2010-11 crop year begins Aug. 1. Heading into the holiday weekend saw a down market and with a brief look is William Smith with the Zena Group. SMITH: Pretty much a bummer all the way across the board. We had some sell offs in the corn and soybeans. I think the corn especially weighed on the wheat market. We've got a beneficial weather forecast coming up for both the spring wheat and for the winter wheat crops. We had sluggish demand in wheat that we set a tender by Egypt. 180-thousand tons of Russian wheat was purchased by Egypt in that tender. Nothing going to the United States. So checking on the markets...On Friday Chicago July corn was 25 to 28-3/4 cents per cwt lower than Thursday's noon bids. Portland soft white wheat 4.65 – 4.70 dn 3 – dn 1 New crop soft white 4.60 – 4.70 dn 6 - unch Only new crop July bids on HRW 11.5 % protein mostly5.11 DNS 14% protein mostly 6.34 August live cattle 89.250s-1.525 August feeders 108.425s-0.075 June Class III milk 13.60s-0.29 I'm Greg Martin and that's Market Line on the Northwest Ag Information Network.