08/22/08 Outside markets and exports boost wheat

Market Line August 22, 2008 Wheat futures put in another day of strong gains Thursday with some prices reaching their highest level since late June. Analysts say those levels will provide strong resistance. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange says higher crude oil and a lower dollar were market drivers yesterday. Chiodo: "I suspect that no one wanted to short in the face of the outside markets here. They are kind of leaning that way for the short term here. A day or two. We do have Stats Canada numbers coming out here. Got to keep an eye that one." The weekly export sales report provided positive sentiment with sales of over 915-thousand tons for the current market year. Most of that being hard red winter purchased by Iran. On Thursday Chicago September wheat was up 22 ½ at 8-97 ¼. September corn up 22 ½ at 5-97 ¾. Portland soft white wheat 10 to 15 cents higher at mostly 8-40. Club wheat 8-50. HRW 11.5 % protein 19-22 cents higher at 9-98. DNS 14% protein 22 to 23 cents higher at 10-58. Barley at the coast 225 dollars a ton. USDA's Cattle on Feed report comes out this afternoon. Thursday live cattle futures were higher with feeders down. Technical factors and short covering were cited in the live pit with higher corn negative for feeders. Oct live cattle up 130 at 106-30. Oct feeders down 65 cents at 112-52. A better cheese market situation sent milk futures higher with Sept Class III milk up 32 cents at 16-55. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.