07/09/07 New USDA production numbers this week

Market Line July 9, 2007 Wheat futures closed higher Friday on good export sales for wheat. USDA reported sales of 538,400 metric tons, which was above trade expectations of 200-400-thousand. Greg Wagner with Horizon Ag Strategies at the Chicago Board of Trade says weather will continue to be watched this week. Wagner: "And also there is export demand. We still have an excellent demand base for all these crops and that should come into play too when we get weekly export sales figures. On Monday we will get a USDA crop condition report. The market will look at that but we are primarily focused on weather." And this Thursday USDA issues updated wheat production estimates and supply and demand reports. On Friday Chicago Sept wheat was up six cents at 6-10. Sept corn up nine at 3-41 ½. Portland cash soft white wheat steady to seven cents higher at mostly 6-20. Club wheat 6-26. August new crop soft white two to eight cents higher at 6-20. HRW 11.5 percent protein four to five cents higher at 6-48. Dark northern spring 14% protein four to six higher at 6-96. Barley at the coast 163 dollars a ton through January. Feeder cattle futures set some new highs Friday and that helped live cattle contracts, which also closed higher. Dressed basis sales in the Plains were also reported higher than the previous week. August live cattle up 180 at 92-50. August feeders up 252 at 114-70. August Class III milk down 15 cents at 19-45. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.