08/06/07 Wheat supply concerns continue

Market Line August 6, 2007 Wheat futures again posted modest gains Friday. Higher European wheat prices along with a six percent decrease from a month ago in a Canadian wheat production forecast by the Wheat Board provided support and there was carryover strength from the weekly export sales report Thursday. Ryan Kelbrantz of ADM at the Minneapolis Grain Exchange says Informa issued a new estimate of U.S. wheat production Friday which did not contain any surprises. Kelbrantz: "U.S. spring wheat crop is pegged at 519 million bushels. That is above the current USDA forecast of 498. They also put all wheat production at 2.154 billion bushels and the U. S. winter wheat crop at 1.558 billion bushels with an average yield of 41.5" USDA issues its August crop production and supply and demand reports this Friday. On Friday Chicago Sept wheat was up 8 ¼ cents at 6-50. Sept corn up 2 ½ at 3-26 ½. Portland cash soft white wheat steady to eight cents higher at mostly 6-57. Club wheat 6-67. HRW 11.5 percent protein five to seven cents higher at 6-88. Still no Portland dark northern spring wheat bids. Barley at the coast 177 dollars a ton. Cattle futures were mixed Friday. There was support from a higher cash fed cattle trade and news Japan might increase the age of cattle it allows beef imported from. On the negative side was South Korea's shutdown to U.S. beef. Oct live cattle down 17 cents at 97-97. Oct feeders down 12 at 117-20. Sept Class III milk up 16 cents at 19-40. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.