07/14/08 Wheat futures higher following USDA report

Market Line July 14, 2008 Wheat futures saw double digit gains Friday. The higher close came after a volatile session and new USDA production and supply and demand numbers. USDA chief economist Joe Glauber summed up the wheat situation. Glauber: "The plantings are up and we have known that from the both the Prospective Plantings and the Acreage Report. The winter wheat numbers are up. The spring wheat numbers are maybe not as high as we thought they would be but the production levels are up over last year. So there is no question that the U.S. wheat crop in the aggregate is higher than last year. And at the world level we are seeing a big increase in wheat production this year. I think we are up some 54 million metric tons or so from last year. We might see begin to see some weakening towards the end as that crop starts being harvested but for the time being I think we will continue to see very, very strong wheat prices." On Friday Chicago September wheat was up 12 ¾ cents at 8-30 ¾. September corn up 4 ½ at 6-91. Portland August new crop soft white wheat unchanged at 7-90 to 8-05. August HRW 11.5 % protein up 16 cents at 9-32. August DNS 14% protein five to 15 cents higher 9-82. Barley at the coast 223 dollars a ton for July. Lower cash fed cattle sales and fears that beef prices are topping were negative for live cattle futures Friday with higher corn adding pressure for feeders. August live cattle down 85 cents at 101-20. August feeders down 92 at 111-72. August Class III milk up 47 cents at 18-82. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.