05/10/07 Egypt takes some soft red wheat

Market Line May 10 , 2007 Wheat futures posted modest gains Wednesday. Fundamental support came from news that Egypt had purchased 115-thousand metric tons of U.S. soft red winter wheat. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says news from Canada was also beneficial particularly for spring wheat futures. Hoops: "What gave Minneapolis wheat its strength was Stats Canada releasing quarterly ending stocks below trade expectations. All wheat stocks at 15.83 million metric tons versus 18.73 in 2006." Also positive was a Chinese agency forecasting a decrease in domestic wheat production there down about three million tons from last year. There is also concern about rain in the Plains now causing disease problems. This morning the market gets the weekly export sales report and tomorrow the May USDA crop production report. On Wednesday Chicago July wheat was up a penny at 4-82. July corn up 2 ¾ at 3-66 ¼. Portland cash soft white wheat two to three cents higher but mostly 5-98. Club wheat 6-06. August new crop soft white unchanged to higher at 5-22. HRW 11.5 percent protein up two cents at 5-68. Dark northern spring 14% protein up three cents at 6-01. Barley at the coast 170 dollars a ton. August at 154. Cattle futures closed higher Wednesday. Fundamentals like higher cash beef prices and feeble corn futures lent support. June live cattle up seven cents at 92-40. August feeders up 72 at 112-17. June Class III milk up 32 cents at 18-20. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.