06/20/06 Egypt buys some soft wheat

Marketline June 20, 2006 Wheat futures were mixed Monday. There was pressure early on from the row crops on weekend moisture and forecasts for more in the cornbelt, but the rains also caused some wheat harvest delays and raises concerns about hard red winter wheat quality. Also, Ryan Kilbrantz of ADMIS at the Minneapolis Grain Exchange, says there was some export news over the weekend from Egypt. Kilbrantz: "On Friday GASCA announced a tender for up to 55-60-thosuand tons of wheat and they ended up buying 175-thousand ton U.S. and 55-thousand tons of Canadian wheat for July shipment." The U.S. purchase included 120-thousand tons of soft white and 55-thousand tons of soft red winter wheat. USDA reported Monday afternoon that 38 percent of the U.S. winter wheat crop has been harvested, well ahead of the five year average for now of 21 percent. On Monday July Chicago wheat was down a half cent at 3-58 ½. July corn down 5 ¾ at 2-29 ¾. Portland cash white wheat was unchanged to lower at mostly 3-72. First half August mixed at 3-76. Club wheat 3-72. HRW 11.5 percent protein down two cents at 5-16. Dark northern spring 14% protein up a penny at 5-52. No Portland barley bids. Cattle futures continued to rally Monday on fund buying. Higher hog prices, strong domestic beef demand and falling feed grain futures have also benefited cattle. Aug live cattle up 45 cents at 83-90. Aug feeders up 63 at 113-20. July Class III milk down four cents at 11-37. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.