08/04/08 Big rally in cattle futures; wheat higher too

Market Line August 4, 2008 Wheat futures were higher Friday. There was spreading of wheat against corn. Corn was under pressure from better weather than expected. Pakistan issued a tender for 250-thousand metric tons wheat. Lebanon purchased some Russian wheat. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota thinks we will see demand for U.S. wheat decreasing in the near future. Georgantones: "If you put a gun to my head, I'd rather be selling rallies than buying breaks in wheat. I just think the world production scenario is going to start proving more. A lot of our business is going to start disappearing as some of these countries begin harvesting their whet crops. Europe especially." Currently soft white wheat export sales continue to run ahead of last year at this time with shipments running behind. On Friday Chicago September wheat was up 10 ¼ cents at 7-94. September corn down 22 ½ at 5-65. Portland August soft white wheat steady to four cents higher at 8-25. No club premium. HRW 11.5 % protein up seven cents at 8-96. DNS 14% protein up three cents at 9-59. Barley at the coast 225 dollars a ton. Three dollar higher cash fed cattle sales Friday along with fund buying boosted cattle futures, which saw triple digit gains across the boards. Sharply lower corn was also noted. Oct live cattle up 150 at 107-80. Oct feeders up 222 at 118-65. Sept Class III milk down eight cents at 18-02. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.