05/18/07 Iraq buys U.S., Egypt doesn't

Market Line May 18 , 2007 Wheat futures were lower Thursday. Good U.S. weather as well as rain or forecasted rain in Europe, the Ukraine and Australia was bearish. Joe Victor of Allendale says news about a non-U.S. Egyptian wheat purchase was also negative. Victor: "A little bit of disappointing news that Egypt decided to go ahead and buy wheat. Approximately 120-thousand tons from Russia and Kazakhstan. Good news is that we did make a fairly decent weekly sale to Japan, 70-thousand tons. And before the open USDA announced the U.S. sold Iraq 200-thousand tons of wheat with Canada supplying 50-thousand." On Thursday Chicago July wheat was down 11 ¼ at 4-85 ½. July corn down three at 3-73. Portland cash soft white wheat two to ten cents higher at mostly 5-65. Club wheat 5-65. August new crop soft white lower at 5-25. HRW 11.5 percent protein down six at 5-66. Dark northern spring 14% protein down nine cents at 5-99. Barley at the coast 170 dollars a ton. August at 154. Cattle futures were mixed Thursday. Boxed beef values were lower yesterday and traders believe the wholesale demand for Memorial Day weekend has wrapped up. There was also nervousness ahead of this afternoon's Cattle on Feed report. June live cattle down 175 at 92-95. August feeders up 250 at 113-10. June Class III milk down 35 cents at 18-30. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.