08/04/07 Exports help wheat; Korean beef ban again!

Market Line August 3, 2007 Wheat futures closed higher Thursday with modest gains after a second straight week of huge export sales figures. USDA reported sales at 1.7 million metric tons which was above pre-report estimates. Some traders thought the market should have been stronger than it was on that news but there was profit taking after early gains. Ryan Kelbrantz of Benson-Quinn ADM at the Minneapolis Grain Exchange says the Canadian Wheat Board has lowered its crop estimate. Kelbrantz: "They are going to reduce production to 20 million metric tons for 2007-08. In June the CWB estimate the all-wheat crop at 21.2. Exports are lowered as well, down to 15.8 mmt versus 18.4 in 2006-07." On Thursday Chicago Sept wheat was up 5 ¾ cents at 6-41 ¾. Sept corn up a nickel at 3-24. Portland cash soft white wheat two to five cents higher at mostly 6-55 against some country new crop selling Thursday morning. Club wheat 6-65. HRW 11.5 percent protein unchanged to lower at 6-80. No Portland bids on dark northern spring wheat. Barley at the coast 177 dollars a ton. Cattle futures closed lower Thursday on profit taking that was sparked by South Korea's announcement it was again halting imports of U.S. beef because banned material was found in a U.S. shipment. Oct live cattle down 65 cents at 98-15. Oct feeders down 105 at 116-35. Sept Class III milk up 64 cents at 19-24. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.