06/08/07 Wheat futures back to the upside

Market Line June 8, 2007 Wheat futures closed higher Thursday. Peter Georgantones of Traders Investment Services in Bloomington, Minnesota says corn futures helped wheat yesterday. Corn was up on concerns about dryness in the eastern corn belt. Georgantones; "Export sales were pretty marginal but we will start getting an idea on the size of this crop Monday when we have the crop production numbers for wheat and update the balance tables which should be kind of interesting. Maybe tie down this number a little more on winter wheat production and acreage." India which canceled a million ton wheat tender recently now says it will import five million metric tons beginning in late summer and the Indian ag minister is reported to want the U.S. to submit bids. India's phytosanitary regulations have kept U.S. wheat out and despite recent talks between the U.S. and India no agreement has been announced. On Thursday Chicago July wheat was up 4 ¾ cent at 5-24 ½. July corn up a dime at 3-84 ¾. Portland cash soft white wheat steady to seven cents higher at mostly 6-05. Club wheat 6-10. August new crop soft white unchanged to four cents higher at 5-65. HRW 11.5 percent protein up nine cents at 5-91. Dark northern spring 14% protein three to eight higher at 6-11. Barley at the coast 165 dollars a ton. August at 159. Cattle future were mostly lower Thursday. Nearby live cattle markets are being pushed lower by a soft cash market with higher corn hurting feeders. August live cattle down 20 cents at 89-52. August feeders down 92 at 108-85. July Class III milk up eight cents at 20-87. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.