10/26/07 Wheat exports drop

Market Line October 26, 2007 Wheat futures were mostly lower Thursday succumbing to pressures related to export performance. As Peter Georgantones of Investment Trading Services in Bloomington, Minnesota explains, the weekly export sales report came in under trade expectations. Georgantones: "We had pretty average sales for wheat. We need to sell about 200-thousand to meet USDA's objective. The number was 500-thousand. When you look at it from that respect it was a good number but that is still probably 300-700-thousand less than we have been doing here the last month or too so the market stayed on the defensive. The wheat market is really struggling here right now and needs to find some footing or it looks like $7.50 is where we are going to be heading down towards." On Thursday Chicago December wheat was down nine cents at 8-02. July new crop at Chicago up 4 ¾ cents at 6-62 ½. Dec corn up 9 ¾ at 3-66 ¼. Portland cash soft white wheat and club wheat were steady at 9-50. HRW 11.5 percent protein mixed at 9-25. Dark northern spring wheat 14% protein 3-9 lower at mostly 9-46. Barley at the coast 245 dollars a ton. Live cattle futures were higher Thursday with feeders weak. Traders expect a steady cash fed trade this week. Higher corn was a factor for feeder contracts. Dec live cattle up 37 cents at 96-25. Nov feeders down a nickel at 110-45. Nov Class III milk up 32 cents at 18-32. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.