05/22/07 Export news positive for wheat futures

Market Line May 22, 2007 Wheat futures closed higher Monday. Export inspections came in above trade expectations at just over 22 million bushels. Egypt purchased 60-thousand metric tons of U.S. soft red winter wheat. Egypt also purchased wheat from Russia/Kazakhstan. Meanwhile some rains in north China, Europe and Australia has relieved some concerns in those areas. As for the U.S. winter wheat crop, USDA Brad Rippey has the latest ratings. Rippey: "Nationally we still have a pretty good crop, 59% good to excellent and just 16% very poor to poor. A year ago the drought injured crop was at 30% good to excellent and 42% very poor to poor." On Monday Chicago July wheat was up 8 ¼ cents at 4-79 ½. July corn up 9 ¾ at 3-81. Portland cash soft white wheat five to ten cents lower at mostly 5-65. Club wheat 5-65. August new crop soft white unchanged at 5-18. HRW 11.5 percent protein up eight cents at 5-62. Dark northern spring 14% protein up four cents at 5-92. Barley at the coast lower at 164 dollars a ton. August at 155. Live cattle futures were higher Monday on last week's higher cash fed cattle trade, 98-50 in the south and Friday's slightly bullish Cattle on Feed report. There is still concern though about beef demand after the Memorial Day holiday. Feeder contracts were mostly lower. June live cattle up 95 cents at 93-60. August feeders down two cents at 113-70. June Class III milk up a dime at 18-87. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.