Egypt buys Russian

Market Line July 8, 2011 Wheat futures were lower at Kansas City and Minneapolis Thursday while Chicago contracts were higher despite Egypt buying Russian wheat in a tender this week. Russia is reported to have sold that wheat to Egypt at an 80 cent a bushel discount to U.S. and French wheat prices.

Ideas Russia will continue to get export business and weakness of wheat in Europe provided pressure but strength in other grains and weakness in the dollar provided support.

USDA’s weekly export sales report, delayed by Monday’s holiday, will be out this morning.

On Thursday Chicago September wheat up 7 ½ cents at 6-34 ½. September corn up 6 ¼ cents at 6-25. Portland soft white wheat and club wheat seven to ten cents higher at mostly 6-57. New crop August white wheat five to ten cents higher at 6-50 to 6-67. Hard red winter 11.5 percent protein two to three cents higher at 7-57. DNS 14% protein higher by two to three cents at 10-43.

Cattle futures were higher Thursday with the biggest gains in feeders. Better than expected unemployment claims and what that might mean for beef demand was a factor. Traders were still waiting for the cash fed market to develop. August live cattle up 177 at 14-72. August feeders up 295 at 143-90. August Class III milk up nine cents at 18-98.

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

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