Egypt buys all Russian wheat again

Market Line July 18, 2011 Weather forecasts for the U.S. corn crop will be key for the market this week. Just how long hot weather during pollination will last is the question. The high temperatures in the corn belt helped wheat futures for a while Friday but they closed lower.

Bad news for wheat was that Russia again got all the business in the latest tender from Egypt selling 180-thousand metric tons of soft wheat to the mid-east nation. That reinforced trader’s thoughts that the recent wheat rally was pricing U.S. wheat out of the export market. Egypt is reported to have paid $245 to 247 dollars a ton while the U.S. offered wheat out of the Gulf at $285.

On Friday Chicago September wheat down 12 ¼ cents at 6-94 ¼. September corn up 10 ½ cents at 7-01 ¼. Portland soft white wheat and club wheat steady to a nickel lower at mostly 6-91. New crop August white wheat three to five cents higher at 6-80 to 7-05. Hard red winter 11.5 percent protein steady at $8. DNS 14% protein down a nickel at 10-34.

Live cattle futures were mixed Friday with feeders lower again. Lower cash fed cattle at 110 to 111 were negative and so is the U.S. heat wave that traders think could lower consumer beef demand. Cattle traders are also keeping an eye on the volatile corn market. August live cattle up a nickel at 110-60. August feeders down 122 at 135-70. August Class III milk up 72 cents at 20-20 on cheese market action.

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

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