07/24/07 Wheat harvest problems in Europe

Market Line July 24, 2007 Wheat futures closed higher Monday despite a sharp sell off in other grain markets. That's viewed as an important technical development. On the fundamental side Joe Victor of Allendale Incorporated says there was supportive news out of western Europe. Victor: "Suggesting too much rain there is may be impacting quality and there is now suspicion that not only quality but yields are impacted too." Also on the weather front there is still concern about dryness in Australia. The export inspections report for U.S. wheat was also friendly at over 19 million metric tons when the trade was looking for only as high as 16 million. Minneapolis wheat futures could react this week to the Spring Wheat Crop Tour in the northern plains which begins today. On Monday Chicago Sept wheat was up four cents at 6-20 ¼. Sept corn down 8 ¼ at 3-10. Portland cash soft white wheat steady at mostly 6-45. Club wheat 6-53. HRW 11.5 percent protein four to nine cents higher at 6-63. Dark northern spring 14% protein up a penny at 6-89. Barley at the coast 167 dollars a ton through November. Cattle futures closed higher Monday. Friday's Cattle on Feed and Cattle Inventory reports were viewed as supportive and cash fed cattle sold last week at mostly steady money. August live cattle up 115 at 91-97. August feeders up 120 at 116-70. August Class III milk unchanged at 19-10. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.