07/18/06 Egyptian buy helps soft white wheat

Marketline July 18, 2006 We'll see this morning how futures traders react to USDA's eight point drop in spring wheat crop ratings over the last week. Traders were expecting some decline. Monday futures were lower despite a good weekly export inspection report and news Egypt purchased 120-thousand tons of U.S. soft white wheat. That helped Portland prices a few cents. Egypt also bought a cargo from Russia. Weather conditions for the northern Plains spring wheat area and the corn belt aren't supposed to be so bad this week. Marc Chiodo of Slipka Commodities at the Minneapolis Grain Exchange puts it this way. Chiodo: "If you are somewhat bullish, at least from that standpoint, the good news is that the weather forecasts to the bullish side haven't been that accurate so now that they are bearish they make not come home that accurate either." On Monday September Chicago wheat was down 4 ½ cents at 3-93. September corn down nine cents at 2-51 ¾. Portland cash white wheat was one to two cents higher at mostly 3-84. Club wheat 3-89. HRW 11.5 percent protein seven to 12 cent lower at 5-31. Dark northern spring 14% protein six to 23 cents lower at 5-82. No Portland barley bids. Cattle futures were down sharply Monday as cash fed cattle sold late last Friday two dollars lower at 81 to $81.50. Traders are beginning to look ahead to this Friday's Cattle on Feed Report and a mid-year cattle herd inventory. Aug live cattle down 107 at 82-93. Aug feeders down 88 at 113-85. Aug Class III milk was up two cents at 11-28. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.