05/31/07 Ukraine may ban new crop wheat exports

Market Line May 31, 2007 Wheat futures came back from Tuesday's down day to post double digit gains Wednesday. Funds were buyers and Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says what happens today may depend on which funds were buying yesterday. Chiodo: "It's reportedly mostly index type funds. It is the end of the month here and the feeling is that they will probably come back. I suspect being the last day of the month we will see some follow through buying. I am sure sellers will be a little shy to begin with and that will help the cause here." In fundamental news, the deputy Prime Minister of the Ukraine is reported saying the country will allow wheat exports in June but the severe drought is likely to prompt the government to ban exports starting in July. On Wednesday Chicago July wheat was up 19 ¾ at 5-10 ¾. July corn up 17 ½ at 3-82 ¼. Portland cash soft white wheat and club wheat were five to six cents higher at mostly 5-75. August new crop soft white three to 15 cents higher at 5-46. HRW 11.5 percent protein 5-88. Dark northern spring 14% protein at 6-16. Barley at the coast 164 dollars a ton. August at 153. Cattle futures posted losses Wednesday. The market anticipated lower cash fed cattle prices this week and there were some trades on a dressed basis down $4 from last week. Higher corn futures added pressure particularly for feeders. August live cattle down 32 cents at 91-10. August feeders down 120 at 110-35. July Class III milk up 36 cents at $20 a hundredweight. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.