Egypt buys some soft red wheat

Market Line June 24 , 2011 Wheat futures were mostly lower Thursday with only Chicago July posting gains. Egypt was said to have purchased 120-thousand metric tons of U.S. soft red winter wheat as well as grain from other origins.

The weekly export sales report from USDA showed sales at a five week high and exceeding estimates.

Contracts did recover some from early losses when grains were pressured by a higher dollar and other outside market forces and technical selling. Stats Canada reported wheat planting intentions by Canadian farmers up over 11 percent from last year but those numbers are considered dated as surveys were taken before recent rains halted planting.

On Thursday Chicago July wheat up 10 ¾ cents at 6-49. July corn up three cents at 6-80 ½. Portland soft white wheat and club wheat mostly 6-68. New crop August white wheat 20 to 22 cents lower at 6-60 to 6-80. Hard red winter 11.5 percent protein down ten to 11 cents at 8-14. DNS 14% protein 21 to 36 cents lower at 10-71.

Cattle futures traded mixed Thursday. There was early pressure from a weak jobless claims number and poor outside markets plus a bearish Cold Storage report. A firm cash market and higher boxed beef along with good exports provided support. August live cattle up 102 at 112-72. August feeders down 15 at 137-85. July Class III milk down seven cents at 19-85.

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

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