Iran buys more soft white wheat

Market Line February 6, 2008 Grain futures rebounded Thursday with wheat futures posting 15 to 20 cent gains. This despite wet forecasts for the dry southern U.S. Plains. However, after getting rain Argentina is again expected to turn dry. Louise Gartner for the Linn Group at the Chicago Board of Trade says a reversal higher in the stock market also benefited the grains. Gartner: “Also the dollar struggling, just chopping around. It had been higher then it turned lower looking like it was in a struggle here. Also the metals. The funds have clearly been very active in these commodity markets.� The weekly export sales report from USDA showed Iran has purchased another 60-thousand metric tons of Pacific Northwest soft white wheat putting their marketing year total at 178 thousand tons. On Thursday Chicago March wheat was up 19 ½ cents at 5-61 ¾. March corn up 13 at 3-71 ¼. Portland soft white wheat any protein ten to 12 cents higher at mostly 5-75. Maximum 10.5 percent protein 5-85. August new crop higher at 5-41 to 5-71. Club wheat 7-25. Maximum 10.5 percent club wheat 7-35. HRW 11.5 % protein 15-23 cents higher at 6-26. DNS 14% protein up 15 cents at 8-02. No Portland barley bids. Cattle futures were higher Thursday on some strength in the cash fed market and a recovery in the stock market. April live cattle up 55 cents at 86-50. March feeders up 70 at 94-12. March Class III milk up seven cents at 9-94. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.