06/01/07 Export news and weather positive for wheat futures

Market Line June 1, 2007 Wheat futures posted gains again Thursday. More rains in the Plains which may disrupt harvest activity and create quality problems was one factor cited. The drought in the Ukraine continues to support prices as well. And Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says there was some surprising export news too. Chiodo: "We sold 120-thousand tons of soft wheat to Spain. That is very unusual for us. It speaks to much higher wheat prices in Europe and perhaps the ongoing dryness they are having over their." Funds were buyers Thursday but Chiodo says now that it's the first of the month we may not see that today. Also today is the weekly export sales report, delayed a day because of the holiday last Monday. On Thursday Chicago July wheat was up 6 ¼ cents at 5-17. July corn up eight at 3-90 ¼. Portland cash soft white wheat and club wheat five to 19 cents higher at mostly 5-90. August new crop soft white up 12 cents at 5-58. HRW 11.5 percent protein up three cents at 5-91. Dark northern spring 14% protein 7 to 8 cents higher at 6-25. Barley at the coast 165 dollars a ton. August at 155. The last trading day of the month yesterday made for some strange action in cattle futures. As cash markets moved lower a short covering rally helped futures close higher. August live cattle up 37 cents at 91-47. August feeders up 107 at 111-42. July Class III milk up 49 cents at 20-49 I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.