07/28/08 A post-harvest rally? Cattle numbers down

Market Line July 28, 2008 Wheat futures rallied Friday. The funds were buyers. Brian Hoops of Midwest Market Solutions points to several reasons to be bullish right now. Hoops: "Seasonals in here are stronger. Lot of spreading between corn and wheat as well as better demand news has given us strength in the wheat. We are going to see I think a post-harvest rally in wheat, at least will try to. And we should see pretty good gains in the wheat push us back well over $9 is my projection if we can get corn and beans to bounce as well, because we just can't go up in wheat if we are getting slammed in corn and beans." Last week's USDA export sales report showed that for the first time since the early 1980s Iran purchased U.S. wheat. It was hard red winter. On Friday Chicago September wheat was up 23 ¼ cents at 8-11. September corn up 4 ¼ at 5-77 ¼. Portland August soft white wheat ten to 15 cents higher at $8 to 8-20. August HRW 11.5 % protein up 15 cents at 9-07. August DNS 14% protein up sixteen cents at 9-71. Barley at the coast 223 dollars a ton. USDA's Cattle on Feed Report Friday pegged the feedlot inventory July 1st down four percent from a year ago, placements down nine percent and marketings down eight percent, a record low. The Cattle Inventory report showed the total U.S. cattle herd down just slightly from a year ago. Ahead of the reports cattle futures closed lower. Oct live cattle down 85 cents at 105-10. Oct feeders down 32 at 113-27. Sept Class III milk up a dime at 19-52. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.