07/06/07 Export sales boost wheat futures

Market Line July 5, 2007 Wheat futures saw double digit gains Thursday in post-4th of July trading. Export news was a feature with Egypt purchasing another 115-thousand metric tons of U.S. soft red winter wheat. They also purchased some Russian wheat. USDA also confirmed Iraq purchased 100-thousand tons of U.S. hard red winter wheat. Jordan is tendering for 100-thousand tons of wheat and there were reports Syria may have to cancel some sales due to a poor harvest. That could include soft milling wheat sale cancellations. Too much rain for harvest in Europe as well as parts of the U.S. continues to provide market support. There has been some limited wheat harvest in Oregon. With the 4th out of the way harvest is expected to begin in earnest in some areas of Washington. On Thursday Chicago Sept wheat was up 21 cents at 6-04. Sept corn up four at 3-32 ½. Portland cash soft white wheat five to ten cents higher at mostly 6-18. Club wheat 6-22. August new crop soft white 7 to 15 cents higher at 6-12. HRW 11.5 percent protein up 14 cents at 6-44. Dark northern spring 14% protein 13-16 higher at 6-91. Barley at the coast 161 dollars a ton through November. Speculative buying and fund buying helped cattle futures close higher Thursday. Boxed beef was lower. August live cattle up 72 cents at 90-70. August feeders up 62 at 112-17. August Class III milk up four cents at 19-68. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.