07/16/07 From supply to demand

Market Line July 16, 2007 Wheat futures were mostly lower Friday with some light profit taking and not much in the way of news. Weather harvest delays in the Plains and some hot weather forecast for the northern Plains spring wheat region didn't draw much attention. Peter Georgantones of Traders Investment Services in Bloomington, Minnesota thinks we won't see any more real significant changes in the production or supply side of the ledger, here or abroad, which means demand will be the thing to watch. Georgantones: "I guess the main thing is coming down to demand. And when you see a surge in demand, which I do expect because of the dollar. The dollar makes our wheat very competitive around the world. You get a surge in demand you are going to see big surges in prices and then quick sell-offs after the demand's been done." On Friday Chicago Sept wheat was down ¾ of a cent at 6-20 ¾. Sept corn up 3 ¼ at 3-54 ¾. Portland cash soft white wheat July and August steady at 6-40. Club wheat 6-48. HRW 11.5 percent protein down two cents at 6-59. Dark northern spring 14% protein down one to two cents at 7-12. Barley at the coast 164 dollars a ton through November. Cattle futures were lower Friday. Carryover of cattle to this week was on traders' minds as well as lower boxed beef values. Later this week USDA issues its Cattle on Feed report. August live cattle down 50 cents at 91-62. August feeders down 45 at 113-85. August Class III milk down seven cents at 18-98. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.