08/22/07 Egypt keeps buying U.S. wheat; cattle futures mixed

Market Line August 21, 2007 Wheat futures were higher Tuesday with Chicago posting the biggest gains. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says that was because of another Egyptian wheat buy. Hoops: "They did purchase 240-thousand U.S. soft red wheat. That is why we had such a big rally at Chicago. Thirteen higher at Chicago whereas Kansas City was up about four and Minneapolis up about 3 ½. They also purchased 210-thousand Russian wheat." That was an Egyptian government purchase and there was talk there would be a private Egyptian tender for milling wheat too. Some commentators are saying the wheat market may now be overbought and could see a setback. On Tuesday Chicago Sept wheat was up 16 ½ cents at 6-91 ½. Sept corn up 6 ¾ at 3-38 ½. Portland cash soft white wheat six to seven cents higher at mostly 6-87. Club wheat 6-92. HRW 11.5 percent protein four to ten cents higher at 7-05. Dark northern spring wheat 14% protein up two cents at 7-07. Barley at the coast 200 dollars a ton. Live cattle futures were higher Tuesday on the outlook for tighter cattle supplies given the placement number in the recent Cattle on Feed report and also expectations for higher cash fed cattle this week. Profit taking and higher corn pressured feeder futures. Oct live cattle up 75 cents at 96-40. Oct feeders down seven at 117-77. Sept Class III milk up 44 cents at 19-80. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.