04/19/05 Egypt disappoints

Marketline April 19, 2005 Wheat futures at Chicago were lower Monday while contracts at Minneapolis and Kansas City were higher. Analysts say Chicago suffered from Egypt's purchase of only one cargo of U.S. hard red winter wheat. It also took French and Russian wheat. Chicago also saw spillover pressure from soybeans. Gary Hofer of Gary Hofer Commodities, notes cash wheat prices in the Midwest are under pressure from farmer selling. Hofer: "Terminals in the Midwest reporting a surge of cash wheat movement. Exports are not fast enough to offset the market decline as weekly inspections for loading last week were reported Monday at 13.17 million bushels. That is a pretty weak number, making the marketing year to date total 75 million bushels lower than this time last year." On Monday Chicago May wheat was down 3 ½ cents at 3-01 3/4. May corn down two at 2-04 1/4. Portland cash white wheat down one to two cents at mostly 3-90. New crop August mixed at 3-71. Club wheat 3-95. PNW HRW 11.5 percent protein 3-93. Dark northern spring 14% protein 4-77. Barley delivered to inland feeding areas 99 dollars a ton. It was the typical quiet Monday for fed cattle. Boxed beef was higher on moderate demand and light to moderate offerings. Analysts say live cattle futures may have been supported by feeder contracts yesterday as they try to catch up to the cash index. Several feeder contracts hit new highs. June live cattle up 12 cents at 84-55. May feeders up 110 at 107-32. May Class III milk down 28 cents at 13-90. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.