05/30/07 Wheat futures lower; Brazilian firm buying Swift

Market Line May 30, 2007 Wheat futures on Tuesday gave back the gains made during the last trading session Friday. Pressure from other grains and more rain over the weekend in parts of dry Europe pressured wheat futures. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange cites another factor. Chiodo: "We were a little bit overbought finishing on the plus side last week by a fair amount. It left us open for some downside." Weekly export inspections for wheat were not friendly coming in under trade expectations at 13.8 million bushels. Dryness continues in the Ukraine however which is providing some support for wheat futures. On Tuesday Chicago July wheat was down a dime at 4-91. July corn down 11 ¼ at 3-64 ¾. Portland cash soft white wheat and club wheat steady to five cents lower at mostly 5-70. August new crop soft white unchanged to down eight cents at 5-31. HRW 11.5 percent protein five to eight cents lower at 5-68. Dark northern spring 14% protein down 11 at 6-03. Barley at the coast 164 dollars a ton. August at 153. The majority owner of Swift & Co. and the majority owner of Brazilian meat processor JBS have announced that Swift will be acquired by the Brazilian firm which will create the world's largest beef processor. Cattle futures were mostly higher Tuesday with short covering a factor in the live pit. Lower feed grains helped feeders. August live cattle up 27 cents at 91-42. August feeders up 60 at 111-55. July Class III milk up seven cents at 19-64. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.