07/27/07 Export news moves wheat futures still higher

Market Line July 27, 2007 Wheat futures at all three U.S. grain exchanges pushed to fresh contract highs Wednesday before closing near the mid-range of the day's trading. Joe Victor of Allendale Incorporated says export news was the driver. Victor: "The weekly export sales for the week ending the 19th of July, unbelievable. Two-million 77-thousand tons. That was much better than the 1.1 million tons of the high range of estimates. So with the wheat sales being as strong as they are there is no sign of economic rationing yet and the trend from a technical stand point is very much up." That was the highest weekly USDA export sales total for wheat in ten years. Additionally, USDA said Algeria purchased 100-thousand metric tons of U.S. hard red winter wheat. On Thursday Chicago Sept wheat was up 17 cents at 6-51. Sept corn up six cents at 3-17 ½. USDA Market News in Portland says there had been an increase in country selling of soft white wheat Wednesday where cash soft white wheat seven to nine cents higher at mostly 6-55. Club wheat 6-63. HRW 11.5 percent protein 10-12 cents higher at 6-87. Dark northern spring 14% protein mixed at mostly $7. Barley at the coast 175 dollars a ton. Live cattle futures were mixed Thursday with feeder contracts firm. Live futures got spillover pressure from a reversal in lean hog contracts. August live cattle down two cents at 92-05. August feeders up 55 at 116-40. August Class III milk down 21 cents at 19-19. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.