Wheat rally goes on even as Egypt buys more Russian wheat

Market Line August 3, 2010 Wheat futures started August with more huge gains Monday. Concerns about a short crop in Russia was again the driving factor. Hot, dry weather is forecast for the next ten days in parts of that country. Despite thoughts Russia will have less grain to export the Egyptians just purchased 180-thousand metric tons of wheat from the country.

A good stock market and higher energy prices were also seen as beneficial to wheat but some traders say technically wheat is over bought in the short-term.

Weekly export inspections for U.S. wheat were at 22 million bushels up from just under 16 million last week.

Nationally the winter wheat harvest is 83 percent complete, the spring wheat harvest five percent.

On Monday Chicago September wheat up 31 ¾ cents at 6-93 ¼. September corn down 2 ¼ cents at 3-90 ½. Portland soft white wheat 65 to 30 cents higher at mostly 5-98. Club wheat premium mostly 31 cents. No red wheat bids at Portland. Minneapolis September spring wheat futures were up 25 ½ cents at 7-13 ¼.

Outside markets were supportive but cattle futures closed mostly lower Monday. Profit taking was cited and boxed beef was lower. Cash feeders at Oklahoma City were called weak with lower demand. October live cattle down 17 cents at 94-42. October feeders down 135 at 113-72. September Class III milk down six cents at 15-34.

I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.

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