08/08/08 Wheat futures rally; cattle fall

Market Line August 8, 2008 Forty to fifty cent plus gains were the rule in wheat futures Thursday, which helped take Portland cash prices higher. Joe Victor of Allendale Incorporated says USDA's weekly export sales report was bullish: Victor: "Very strong weekly export sales and shipments; bullish for wheat, corn and soybeans. And of course there is anticipation in further interest in U.S. wheat. Some of the strength not only from active demand for U.S. wheat but also for the fact that spring wheat still remains a little of a problem area particularly in the western production area. Too hot. Too dry." Another supportive factor for grains was EPA's announcement denying a request by Texas for an ethanol mandate waiver. On Thursday Chicago September wheat was up 56 ½ cents at 8-22 ¼. September corn up 14 ¼ at 5-22 ¼. Portland soft white wheat 15 to 20 cents higher at mostly 8-30. Club wheat also 8-30. HRW 11.5 % protein up 51 cents at 9-26. DNS 14% protein up fifty cents at 9-89. Barley at the coast 225 dollars a ton. Higher corn was a negative for cattle futures Thursday with contracts putting up triple digit losses. Oct live cattle down 135 at 107-20. Oct feeders down 217 at 115-35. Sept Class III milk up 15 cents at 17-45. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.