07/19/07 Wheat futures soar; milk production up

Market Line July 19, 2007 Wheat futures posted double digit gains Wednesday. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says prospects for larger export business was behind the move. Hoops: "Syria has apparently cancelled their sale of 400-thousand metric tons of wheat and that leaves someone else to fill that void. Morocco, Jordan, Iraq are all tendering for wheat so demand news is certainly improving. Technicals are strong and it looks like we could make a run at new highs here in the wheat market." Weekly export sales will be out this morning. Wheat also got support from fears over the impact of high temperatures on spring wheat in the northern plains and Canada. On Wednesday Chicago Sept wheat was up 22 ¼ cents at 6-23 ½. Sept corn up 4 ½ at 3-27. Portland cash soft white wheat seven to 10 cents higher at mostly 6-42. August at 6-44. Club wheat 6-50. HRW 11.5 percent protein 21-24 cents higher at 6-56. Dark northern spring 14% protein 15 to 18 cents higher at 7-07. Barley at the coast 167 dollars a ton through December. Cattle futures were mixed Wednesday. Deferred contracts were generally higher as shorts covered ahead of the Cattle and Feed and Cattle Inventory reports tomorrow. August live cattle down a nickel at 91-37. August feeders down 42 at 115-40. August Class III milk down 21 cents at 19-14. USDA reported Wednesday that milk production in the major producing states during June was up 1.2 percent from June of 2006. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.