07/12/07 Hard red spring wheat tops $7 at Portland

Market Line July 12, 2007 Grain futures may react this morning to USDA's monthly crop production report and supply and demand estimates. Wednesday wheat futures shot higher as traders positioned themselves for the reports. Higher futures helped cash bids at Portland where 14 percent protein hard red spring wheat was bid at over $7 a bushel. Wheat futures were supported on ideas export demand is remaining strong despite high prices and talk that milling quality wheat will be in tight supply this season. Oklahoma is saying a lot of uncut wheat will never be harvested because of wet weather. More moisture is forecast for the southern Plains. Generally the trade is looking for USDA to lower its estimate of total U.S. wheat production this year. On Wednesday Chicago Sept wheat was up 20 ¼ cents at 6-22. Sept corn down 2 ½ at 3-43. Portland cash soft white wheat five to seven cents higher at 6-40. Club wheat 6-48. August soft white also higher at 6-40. HRW 11.5 percent protein 14-16 cents higher at 6-54. Dark northern spring 14% protein 20-22 cents higher at mostly 7-09. Barley at the coast 164 dollars a ton through November. Cattle futures were higher Wednesday. Reports of packers paying $90 a hundredweight for some cattle as well as higher boxed beef was supportive. August live cattle up 27 cents at 92-25. August feeders up 60 at 114-62. August Class III milk down 51 cents at 19-05. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.