06/14/07 New crop soft white bids at over $6 at Portland

Market Line June 14, 2007 The rally in wheat futures rolled on Wednesday taking new crop soft white wheat bids at Portland to over six dollars a bushel at the top end the price range. Concerns about production problems amid tight global stocks remained supportive. Severe drought in Ukraine and Russia is impacting production and there are concerns about dryness in Argentina, central China and western Australia. More harvest delays from rain in the U.S. Plains was also a factor. India announced its intentions to import two million metric tons of wheat by the end of this month. It all sent wheat futures to new high but now analysts are saying the market is overbought. On Wednesday Chicago July wheat was up 24 ½ cents at 5-89 ½. July corn up 11 at 4-04 ½. Portland cash soft white wheat steady to four cents higher at mostly $6. Club wheat 6-05. August new crop soft white five to 15 cents higher at 6-05. HRW 11.5 percent protein 15-16 cents higher at 6-44. Dark northern spring 14% protein 12-17 cents higher at 6-55. Barley at the coast 160 dollars a ton. August at 160. Wednesday was a down day for cattle futures with feeder contracts sharply lower. Concerns about the cash market and falling beef values pressured live cattle and higher corn was an added negative for feeders. August live cattle down 75 cents at 89-55. August feeders down 152 at 106-60. July Class III milk up 23 cents at 21-55. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.