07/30/07 No technical top in wheat yet?

Market Line July 30, 2007 Wheat futures were mixed Friday but mostly higher with Kansas City contracts in particular benefiting from more export news. USDA reported that Iraq had purchased 200-thousand metric tons of U.S. hard red winter wheat. There were also routine sales to Taiwan and South Korea of U. S. wheat. Commentators said there was some profit taking going into the weekend given last week's big gains. The crop tour of the northern Plains hard red spring wheat crop pegged yields there at an average 37.3 bushels an acre, which is above both last year and the five year average. Soft red winter wheat bulls in Chicago are said to have the solid upside technical advantage with one market technician saying there are no signs of a market top being close at hand. On Friday Chicago Sept wheat was up 2 ¼ cents at 6-53 ¼. Sept corn up 3 ½ cents at 3-21. Portland cash soft white wheat one to three cents lower at mostly 6-58. Club wheat 6-66. HRW 11.5 percent protein unchanged to a penny lower at 6-84. USDA Market News had no quotes on Dark northern spring wheat. Barley at the coast 177 dollars a ton. Cattle futures were higher Friday. Reports of dressed sales higher than the previous week helped futures and better beef prices were also positive. Oct live cattle up 145 at 98-65. Oct feeders up 82 at 118-10. Sept Class III milk up a dime 18-15. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.