12/17/07 Keeping and eye on Egypt

Market Line December 17, 2007 Old crop wheat futures closed higher Friday with new crop contracts posting losses at all exchanges. Bearish news for new crop wheat was the additional moisture received late last week in the southern plains. All wheat futures had been down early Friday. Joe Victor of Allendale Incorporated says the cancellation of a tender by Egypt was a reason. Victor: "That is the first for Egypt this year. Is that a sign of economic rationing getting to where prices are too high that Egypt backs off. We will find out Tuesday. Typically Egypt tenders on Tuesdays and Thursdays so we will see Tuesday if this is the beginning of a potential trend if these prices continue higher." On Friday Chicago March wheat was up 26 cents at 9-79 ½. July new crop at Chicago down 19 ½ at 7-88. March corn up 3 ¼ at 4-49 ¼. Portland cash soft white wheat and club wheat were five to ten cents higher at mostly 12-30. Some April 08 bids were as high as $13. HRW 11.5 percent protein for January 16-21 cents higher at 11-14. Dark northern spring wheat 14% protein 26 to 29 cents higher at 12-06. Barley at the coast 256 dollars a ton. Cattle futures were unchanged to higher Friday. Despite a lower cash fed cattle trade live contracts posted gains on technical factors and higher boxed beef. Feeders followed. Feb live cattle up 30 cents at 95-47. Jan feeders unchanged at 103-80. Jan Class III milk down 25 cents at 18-17. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.