07/20/07 Wheat futures mixed after more good export news

Market Line July 20, 2007 Chicago and Minneapolis wheat futures closed lower Thursday with Kansas City contracts higher. Wheat posted gains early on good export news. USDA reported weekly export sales for wheat at over 769-thousand metric tons, well above expectations. Additionally USDA reported a 106-thousand ton sale to Bangladesh and another Egyptian purchase of 60-thousand tons of U.S. soft red winter wheat and 55-thousand tons of hard red wheat. Wheat got pressure on weakness in corn and thoughts of increased wheat acreage in Europe next year. Although it was a weak close for wheat yesterday, Brian Hoops of Midwest Market Solutions says; Hoops: "I could see us moving higher into the weekend as wheat is a strange market that you get bullish news you close lower. You get bearish technical action and you probably close higher the next day. And we had that in wheat." On Thursday Chicago Sept wheat was down 3 ½ cents at 6-20. Sept corn down 5 ¾ at 3-21 ¼. Portland cash soft white wheat steady to three cents higher at mostly 6-43. August at 6-45. Club wheat 6-51. HRW 11.5 percent protein two to six cents higher at mostly 6-60. Dark northern spring 14% protein down 9-10 cents at 6-96. Barley at the coast 167 dollars a ton through December. Cattle futures traders are expected to maneuver positions today ahead of this afternoon's Cattle on Feed report. On Thursday live contracts were lower with feeders firm to higher. August live cattle down 55 cents at 90-82. August feeders up a nickel at 115-45. August Class III milk down 24 cents at 18-90. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.