07/28/06 Exports help wheat; cattle lower

Marketline July 28, 2006 Wheat futures posted modest gains Thursday getting a bounce off the recent sell-off on some good export news. Egypt purchased cargoes of U.S. soft red and soft white wheat, that helped Portland cash too, and the weekly export sales report came in above trade expectations at 17.1 million bushels. India is in the world market for more wheat and the Australian Wheat Board is now estimating the crop down under at from 18-20 million tons, down from a previous estimate of 23 to 25 million. Traders also continue to follow the North Dakota crop tour and the potential impact on the spring wheat crop of four to five more days of dry weather and triple digit temperatures. On Thursday, September Chicago wheat was up 5 ¾ cents at 3-87 ¾. September corn up 1 ¾ at 2-37 ¾. Portland cash white wheat steady to three cents higher at mostly 3-87. Club wheat 3-89. HRW 11.5 percent protein five to six cents higher at 5-24. Dark northern spring 14% protein two to five cents higher at 5-61. No Portland barley bids. Thursday Japan officially announced it was partially reopening to U.S. beef shipments. Cattle futures were up Wednesday in anticipation of the news but were lower Thursday as traders returned their focus to the cash fed market. Lack of activity there made for defensive action. Aug live cattle down 80 cents at 83-47. Aug feeders down 32 at 114-20. Aug Class III milk was down a nickel at 11-05. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.