05/04/07 Disappointing wheat exports

Market Line May 4, 2007 Wheat futures were mixed Thursday. The weekly export sales report from USDA came in under trade expectations at just over 215-thousand metric tons. Better than expected production estimates out of Kansas were also negative. The crop tour wrapped up there yesterday pegging the Kansas crop at 392.7 million bushels, up from last year's 291.2 million. Strength in corn over concern about planting delays offered support for wheat futures as did continued dryness in the Ukraine. While Australia has recently received some precip it is going to need much more. Winter wheat is just being planted down under. On Thursday Chicago July wheat was up a penny at 4-94 ½. July corn up 7 ¼ at 3-89 ¼. Portland cash soft white wheat steady to three cents higher at mostly 5-98. Club wheat 5-98. August new crop soft white four to eight cents lower at 5-26. HRW 11.5 percent protein two to seven lower at 5-73. Dark northern spring 14% protein down three cents at 6-06. Barley at the coast 170 dollars a ton. August at 154. Cattle futures posted sharp losses Thursday. Canada's announcement of another case of BSE in animal born after its feed ban was not considered to be a factor. Commentators pointed to aggressive fund liquidation and the gains in corn futures. June live cattle down 212 at 91-72. August feeders down $3 at 109-65. June Class III milk down four cents at 19-03. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.