07/18/07 Egypt picks up more U.S. wheat but futures drop

Market Line July 18, 2007 Wheat futures posted moderate losses Tuesday after having been sharply higher early in the session. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says results of a snap Egyptian tender had the market up early. Hoops: "Egypt purchased 300-thousand metric tons of U.S soft red winter wheat. That led to some strong gains in Chicago wheat. A lot of spreading between Chicago and Kansas City and Chicago and Minneapolis. But gains could not be sustained as funds pulled out of their purchases trying to liquidate out of corn and wheat when that market fell sharply." The row crops got pressured again by better weather forecasts for parts of the corn belt. Traders however are still watching hot temperatures in the spring wheat belt of the northern plains. On Tuesday Chicago Sept wheat was down ½ cents at 6-01 ¼. Sept corn down 12 ¼ at 3-22 ½. Portland cash soft white wheat was a nickel higher at mostly 6-33 for July and 6-35 for August on the early strength in futures Tuesday. Club wheat 6-41. HRW 11.5 percent protein 8-11 cents lower at 6-36. Dark northern spring 14% protein five to six cents lower at 6-89. Barley at the coast 164 dollars a ton through November. Cattle futures posted gains Tuesday. Fund buying was a feature. August live cattle up seven cents at 91-42. August feeders up 67 at 115-82. August Class III milk up 20 cents at 19-35. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.