08/02/07 Egypt buys all Russian wheat

Market Line August 2, 2007 After a couple of down days wheat futures closed higher Wednesday though there was some disappointing export news early in the day that suggested to some that high prices may now be impacting the export market. Ryan Kelbrantz of ADM at the Minneapolis Grain Exchange says that was the result of an Egyptian optional origin tender. Kelbrantz: "But they ended up buying all Russian wheat for Sept-Oct shipment. That was a little market depressor early in the session. Weather wise U.S. plains and Canadian Prairies are going to see some cooler conditions come into the region this Saturday which should help out the late heading wheat in the northern areas." Weekly export sales from USDA are expected to provide the wheat market with direction this morning. A Canadian court has ruled that the Wheat Board's monopoly on barley exports can only be changed by Parliament and not by the plebiscite held earlier this year so the Canadian Wheat Board's monopoly continues. On Wednesday Chicago Sept wheat was up six cents at 6-36. Sept corn down 6 ¾ at 3-19. Portland cash soft white wheat steady to three cents higher at mostly 6-52. Club wheat 6-62. HRW 11.5 percent protein four to eight cents higher at 6-83. No Portland bids on dark northern spring wheat. Barley at the coast 177 dollars a ton. Cattle futures posted some hefty losses Wednesday. Profit taking was cited as well as a technical sell off and the down turn in financials. Oct live cattle down 115 at 98-80. Oct feeders down 67 at 118-20. Sept Class III milk up a nickel at 18-60. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.