02/26/07 Lower futures but still higher SWW

Market Line February 26, 2007 Wheat futures posted modest losses Friday as corn and soybeans were weaker and wheat has been a follower of the row crops. The weekly export sales report also did not provide any surprises coming in towards the lower end of trade expectations. Ryan Kilbrantz of ADM at the Minneapolis Grain Exchange says Egypt did announce a tender Friday. Kilbrantz: "I'd expect the results of the Egyptian tender and weather developments over the weekend to give Monday's market direction but I believe the major market influencing prices will be the corn market." There was also talk Friday that Iraq may soon be seeking another 100-thousand tons of U.S. wheat. On Friday Chicago May wheat was down 5 ¼ cents at 4-84 ¼. May corn down 4 ¼ at 4-30 ¼. Despite the lower futures Portland cash soft white wheat was four cents higher at mostly 5-50. Club wheat 5-50. August new crop soft white mixed at 5-20. HRW 11.5 percent protein three to five cents lower at 5-91. Dark northern spring 14% protein one to three cents lower at 6-09. Barley at the coast 170 dollars a ton. August at 148. USDA issued what was called a mildly bullish Cattle on Feed report Friday that had the feedlot inventory down three percent in February from a year ago, placements off 23 percent and January marketings up two percent. Some market observers say look for buy the rumor sell the fact this week. Ahead of the report Friday, April live cattle down a nickel at 96-17. April feeders up 70 at 101-92. April Class III milk down 19 at 14-72. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.