06/04/07 New highs for new crop soft white wheat

Market Line June 4, 2007 Tight global wheat stocks and weather problems, both in the U.S. and abroad, continue to drive wheat prices higher. Cash bids at Portland reached new highs last week on new crop soft white wheat. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says July wheat futures in Chicago also set a new high Friday before profit taking set in. Chiodo: "We are strong in the wheat based off of a very strong European or world wheat market and that is helping keep the wheat propped up here pretty good." Wet weather for harvest in the U.S. Plains and dryness in Russia and the Ukraine are key weather drivers. Also Friday's export sales report was friendly for wheat at over 700-thousand metric tons which was well above expectations. On Friday Chicago July wheat was up 3 ¾ at 5-20 ¾. July corn down 3 ½ at 3-86 ¾. Portland cash soft white wheat and club wheat was higher at mostly 5-95. August new crop soft white six to 13 cents higher at 5-64. HRW 11.5 percent protein up four cents at 5-93. Dark northern spring 14% protein mixed at 6-20. Barley at the coast 165 dollars a ton. August at 155. Profit taking, and lower cash markets drove cattle futures lower Friday. August live cattle down 80 cents at 90-67. August feeders down 117 at 110-25. July Class III milk up 25 cents at 20-74. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.