07/25/07 Foreign weather and exports boost wheat futures

Market Line July 25, 2007 There were double digit gains and some contract high close for wheat futures Tuesday. Joe Victor of Allendale Incorporated says wheat futures saw a continuation of the concerns over the impact of heavy rains on western Europe's wheat yields and quality. Additionally, Victor says Egypt purchased more wheat than expected in a tender this week. Victor: "They come in and pick up 115-thousand tons from Russia and 175-thousand tons from the United States and the 175-thousand all coming in the form of soft red winter wheat. So there is, even at these lofty levels, world demand is still out there for those that can afford and in this case Egypt has deep pockets." On Tuesday Chicago Sept wheat was up 21 ¾ cents at 6-42. Sept corn up 1 ½ at 3-11 ½. Portland cash soft white wheat nine to 13 cents higher at mostly 6-48. Club wheat 6-56. HRW 11.5 percent protein 17-20 cents higher at 6-80. Dark northern spring 14% protein 19-20 higher at 7-03. Barley at the coast higher at 175 dollars a ton through December. Live cattle futures were higher Monday on expectations of a higher cash fed cattle trade this week and fund buying. Feeders were lower on profit taking. August live cattle up 65 cents at 92-62. August feeders down 20 at 116-50. August Class III milk down 20 cents at 18-90. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.