12/06/07 Egyptian and Argentine news bearish for wheat

Market Line December 6, 2007 Wheat futures closed lower at Chicago and Kansas City Wednesday but higher at Minneapolis. One negative was a private estimate of the Argentine crop which didn't reduce production as much as the trade thought it should be. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says there was also negative news regarding Egypt. Hoops: "Egypt purchased a cargo of wheat from Russia, snubbing the United States. That was negative to the trade and we traded lower. In fact 20 cents lower at one point in the session but Minneapolis rallied into the close posting some new contract highs making the charts look a little better in Chicago and Kansas City as they followed Minneapolis wheat off of its lows." USDA issues the weekly export sales report this morning and Stats Canada updates its numbers today. On Wednesday Chicago March wheat was down nine cents at 8-85. July new crop at Chicago down 2 ¾ at 7-71 ¾. March corn unchanged at 4-11 ¼. Portland cash soft white wheat and club wheat was unchanged to up forty cents but mostly 11-75. HRW 11.5 percent protein down a nickel at 9-97. Dark northern spring wheat 14% protein up four cents at 10-85. Barley at the coast 249 dollars a ton. Cattle futures were lower Wednesday as the talk is the cash fed trade will be lower this week. Abundant supplies of pork and poultry also overhang the market. Feb live cattle down 35 cents at 95-35. Jan feeders down 75 at 106-25. Jan Class III milk up 11 cents at 18-68. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.