07/31/07 A setback in wheat futures

Market Line July 31 , 2007 Wheat futures posted double digit losses Monday. A drier weather pattern for Europe for this week and an overbought technical condition were cited as factors in Monday's decline. There is also harvest pressure on Minneapolis spring wheat contracts. Ryan Kelbrantz of ADM at the Minneapolis Grain Exchange says weekly export inspections for wheat were within the range of trade expectations at 17.2 million bushels. And there are other developments on the export front. Kelbrantz: "On the export front we did see some positive news. Iraq is seeking up to 50-thousand tons of optional origin wheat. Bangladesh is seeking 212-thousand tons of optional origin wheat. Jordan bought a little bit of Russian wheat for Aug-Sept shipment over the weekend." Kelbrantz says spring wheat crop condition ratings issued after the close yesterday were friendly. On Monday Chicago Sept wheat was down 15 ¾ cents at 6-37 ½. Sept corn up 2 ½ cents at 3-23 ½. August Portland cash soft white wheat 8-9 cents lower at mostly 6-55. Club wheat 6-63. HRW 11.5 percent protein. 6-82. Most exporters were not offering bids for Dark northern spring wheat. Barley at the coast 177 dollars a ton. Cattle futures were higher Monday. There was support from the strength in cash markets last week. Oct live cattle up 32 cents at 98-97. Oct feeders up two at 117-80. Sept Class III milk up 40 cents at 18-55. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.