08/13/07 Wheat futures lower after USDA report

Market Line August 13, 2007 Wheat futures were lower Friday despite what most viewed as friendly numbers from USDA which dropped total U.S. wheat production one percent from July, cut U.S. wheat ending stocks to 404 million bushels and reduced world wheat carryover for 2007-2008 to 114.8 million tons, which compares to last years 125 million. Equity markets, which were down sharply early Friday, weighed on commodities. March Chiodo of Slipka Trading at the Minneapolis Grain Exchange believes a key to wheat this week will be who shows up to buy U.S. wheat. Chiodo: "Some the analysts thought the USDA had a very, very large export number for the Europeans and they don't think there is anyway they will be able to meet that large of a number. The commentary was that a lot of that business will get chased in our direction because we have wheat and they don't." 20 On Friday Chicago Sept wheat was down 6 ½ cents at 6-67. Sept corn up ¾ of a cent at 3-33. Portland cash soft white wheat was mixed at mostly 6-72. Club wheat 6-76. HRW 11.5 percent protein down a nickel at 7-09. Dark northern spring wheat 14% protein down six cents at 7-20. No bids for August barley at the coast. Cattle futures were mostly lower Friday. Outside market weakness as well as lower cash fed cattle sales were cited as factors. Oct live cattle down 30 cents at 94-55. Oct feeders down 40 at 115-30. Sept Class III milk up 18 cents at 19-68. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.