07/11/07 Egypt buys wheat again

Market Line July 11, 2007 Wheat futures were higher at Chicago Tuesday but mostly lower at Kansas City and Minneapolis. Chicago got help from higher beans and corn and news of an Egyptian purchase of another 60-thousand metric tons of U.S. soft red winter wheat. Egypt also bought 60-thousand from Russia. USDA reported the winter wheat harvest at 58 percent complete at the start of this week which compares to the five year average for now of 65 percent. USDA issues its July crop production and supply and demand reports tomorrow morning and Peter Georgantones of Investment Trading Services in Bloomington, Minnesota says; Georgantones: "The market is nervous going into this report and I don't think we will do much until we see those numbers." On Tuesday Chicago Sept wheat was up 2 ¼ at 6-01 ¾. Sept corn up 6 ¼ at 3-45 ½. Portland cash soft white wheat three to nine cents higher at mostly 6-30. Club wheat 6-34. August new crop soft white eight to ten cents higher at 6-30. HRW 11.5 percent protein mixed at 6-40. Dark northern spring 14% protein mixed at 6-90. Barley at the coast 163 dollars a ton through January. Cattle futures posted losses Tuesday. Higher feed grains were cited as a factor as well as contract rolling. August live cattle down 55 cents at 91-97. August feeders down 45 at 114-02. August Class III milk up a dime at 19-56. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.