05/15/07 Old crop soft white continues to drop

Market Line May 15, 2007 Bids at Portland for old crop soft white wheat continued to fall Monday, down another 10 to 20 cents after a dropping up to 15 cents last Friday. Some exporters weren't offering bids Monday. Spot soft white and club wheat was at 5-75. New crop August soft white was higher at 5-29. Portland HRW 11.5 percent protein one to four cents higher at 5-68. Dark northern spring 14% protein up two at 6-08. Barley at the coast 170 dollars a ton. August at 154. Wheat futures were higher Monday getting some help from a soybean rally. Joe Victor of Allendale Incorporated cites another factor. Victor: "We continues to hold relatively firm based on a little bit of follow t through bullish interest primarily from USDA's World Supply and Demand estimates last Friday suggesting even tighter end stocks in 2007-2008 versus the present marketing year." Also positive were reports over the weekend that India's farm minister said his country could import 4-5 million metric tons of wheat to re-build stocks. On Monday Chicago July wheat was up 3 ½ cents at 4-96 ½. July corn down six at 3-63 ¼. Cattle futures were mixed Monday in what was described as a directionless market. There is concern about the sustainability of beef prices which were higher again Monday. Feeder contracts bounced up and down in reaction to the corn market. June live cattle down 20 cents at 93-20. August feeders up 37 at 13-32. June Class III milk up 14 cents at 18-89. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.