07/04/08 A bullish technician

Market Line July 4, 2008 Future exchanges are closed today for the 4th of July holiday. Before recapping Thursday's market activity here are some comments from Louise Yamada, Managing Director of Louise Yamada Technical Advising in New York City, who sounds more like a market fundamentalist than a technicalist given her bullish long term commodity price outlook. Yamada: "But I also think you have population forces that argue higher levels because if you think about when I was born there were fewer than three billion people on the globe. Last year there were six billion on the way to nine billion. Now we have seven billion of the nine billion and we have finite water, finite land and finite energy, so it is almost a no-brainer where the pricing power is going to come in in the years ahead." On Thursday wheat futures were mixed with Chicago getting support from higher than expected weekly export sales and harvest delays. Chicago September wheat was up 7 ¼ cents at 8-87 ½. September corn down 3 ¼ cents at 7-57 ¾. Portland August new crop soft white wheat was unchanged at 7-85 to 8-10. August HRW 11.5 % protein up seven cents at 9-87. August DNS 14% protein mixed at 10-43. Barley at the coast 223 dollars a ton for July. Cattle futures were weak Thursday though there were live cattle sales higher than last week. August live cattle down 20 cents at 103-80. August feeders down 57 at 111-57. August Class III milk up 30 cents at 19-12. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.