Russia sells Egypt more wheat at a higher price

Market Line August 1, 2011 Wheat futures had double digit losses Friday. One reason cited, though not really surprising, was Russia selling Egypt another 240-thousand metric tons of wheat. The price was near $255 dollars a ton, which is up from two previous sales of about $250 and $246.

There was also spillover pressure from corn where David Hightower of the Hightower Report says weather is improving.

Hightower: “And if fact the outlook for August looks to be much less severe that was seen in July and that could begin to start the process of recovery.”

On Friday Chicago September wheat down 20 ¾ cents at 6-72 ½. September corn down 16 ¾ cents at 6-65 ½. Portland soft white wheat and club wheat steady to a dime lower at mostly 6-85. Hard red winter 11.5 percent protein down 17 cents at 7-92. DNS 14% protein down sixteen cents at 9-61.

Cattle futures traded steady to higher Friday. Higher cash fed cattle sales in the southern plains at $108.50 and expectations of improving consumer demand were supportive. October live cattle up 117 at 117-32. October feeders up 72 at 139-60. September Class III milk down four cents at 20-67. The All-Milk price for July is estimated at $22.10, up 90 cents from June and the highest ever.

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

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