02/12/07 Marketing year high for soft white

Market Line 12, 2007 Portland cash soft white wheat bids were mostly $5.26 a bushel Friday and that's a marketing year high topping the previous mark of around 5-16 hit last fall. Wheat futures meanwhile posted small gains Friday after USDA's supply and demand report came in about as expected. No change for U.S. numbers but world wheat ending stocks were cut one million tons. They are pegged at just under 121 million compared to 147 million tons at the end of last year. Wheat futures also benefitted from corn. There was chatter Friday about some weather experts seeing the possibility of a hot, dry summer in the U.S. corn belt. The potential for more moisture in the southern Plains this week limited wheat's gains. On Friday Chicago March wheat was up 3 ¼ at 4-60 ¼. March corn up 6 ½ at 4-06 ¼. Portland cash soft white wheat one to six cents higher at 5-26, Club wheat 5-26. August new crop soft white 4-98. HRW 11.5 percent protein was mixed at 5-70. Dark northern spring 14% protein three to seven cents higher at 5-94. Barley at the coast 172 dollars a ton. With the exception of some deferred live contracts cattle futures were lower Friday. The premium of futures to cash put pressure on live contracts. Higher corn was negative for feeders. April live cattle down seven cents at 94-80. March feeders down a dime at 100-27. March Class III milk down a dime at 14-55. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.