10/11/06 Portland soft white hits $5

Marketline October 11, 2006 Spot soft white wheat bids at Portland Tuesday were mostly $5 a bushel hitting a level not seen since September of 1996. Wheat futures have been at ten-year highs as well and although Chicago soft red was higher in the nearby contracts, deferred contracts plummeted as did all contracts at Kansas City and Minneapolis. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says a setback was to be expected ahead of tomorrow morning's USDA reports. Hoops: "Because we have a lot air in these markets. Very inflated prices. We are taking some of that air, profit taking if you want, in the grain markets. Fourteen lower in the corn today. Fourteen lower in the beans. Chicago wheat up seven in the Dec and March but 24 lower in the July. Kansas City down 18 ½ in the Dec, 29 ½ in the July." On Tuesday December Chicago wheat was up seven cents at 5-01. December corn down 14 cents at 2-75 ½. Portland cash soft white wheat six to eight cents higher at mostly $5. Club wheat 5-30. HRW 11.5 percent protein 19-20 cents lower at 5-66. Dark northern spring 14% protein 10-12 cents lower at 5-75. Cattle futures put in a second consecutive day of losses Tuesday. There was technical chart support failure and concern that some major packers may cut beef production due to negative profit margins. Dec live cattle down 80 cents at 87-02. Nov feeders down 77 at 107-55. Nov Class III milk down three cents at 12-29. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.