08/15/08 More gains for wheat futures

Market Line August 15, 2008 Wheat futures saw 40-50 cent price range swings Thursday but contracts closed higher again. Lynn Smith of the Zaner Group in Chicago says short covering and technical buying sparked a late rally there. Also; Smith: "Solid export sales of 650,300 metric tons and ideas that the market may have bottomed provided buying interest in that market, although forecasts for record world production capped earlier gains." Hard red winter wheat continues to dominate the export sales. Year-to-date soft white wheat export sales at 37.5 million bushels are now running behind last year at this time when sales totaled 43 million bushels. Egypt is reported to be tendering for optional origin wheat. On Thursday Chicago September wheat was up 14 1/4 cents at 8-64 ½. September corn up 18 ¾ at 5-57 ¾. Portland soft white wheat steady to a dime lower at mostly 8-40. Club wheat 8-50. HRW 11.5 % protein 12-15 cents higher at 9-73. DNS 14% protein up nine cents at 10-60. Barley at the coast 224 dollars a ton. Cattle futures were higher Thursday. Live cattle benefited from cash market optimism by traders. Feeders saw short covering and technical support. Oct live cattle up 45 cents at 107-90. Oct feeders up 57 cents at 115-42. Sept Class III milk down 27 cents at 16-76, which is a six month low. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.