Egypt buys some U.S. wheat but futures lower

Market Line August 11, 2010 Wheat futures put in another mostly down day Tuesday with nearby contracts again losing to deferred months. Traders said it could have been part of the overall evening up process ahead of tomorrow’s USDA crop production and supply and demand reports. Everyone will be especially interested in USDA numbers for Russian wheat. Some forecasts are calling for the Russian drought to last another ten days.

USDA reported that Egypt purchased a cargo each of U.S. red winter and U.S. spring wheat.

On Tuesday Chicago September wheat down 17 ¾ cents at 6-94 ¾. September corn down 9 ½ cents at 3-93 ½. Portland soft white wheat steady to a nickel higher at mostly 6-27 for first half August. Second half up a nickel to down 20 cents at mostly 6-30. Club wheat premium mostly 33 cents. No Portland red wheat bids. Minneapolis spring wheat futures for September were down a dime at 7-05 ¼.

USDA meteorologist Brad Rippey says sweltering heat in the southern U.S. is still affecting livestock.

Rippey: “That has taken a toll on pastures and the animals, livestock, poultry, have been hit by this significant heat wave. It stacks up as one of the worst heat waves of the last ten years or so across this region.”

Meanwhile, cattle futures were mixed Tuesday. Outside forces like a weak stock market were cited along with a stronger dollar. Cash feeders and calves sold lower this week at Oklahoma City. October live cattle down 15 cents at 95-32. October feeders down 20 cents at 112-80. September Class III milk up seven cents at 15-51. I’m Bob Hoff and that’s Market Line on Northwest Aginfo Net.

Now this.