08/16/07 Profit taking in wheat; cattle futures higher

Market Line August 16, 2007 Wheat futures gave back some of Tuesday's big gains in Wednesday's trading. Lack of new buying interest and profit taking were cited as factors. Some commentators noted that a move to a new 11-year high at Chicago early in yesterday's session along with a lower close and a close below the opening is considered a key reversal which could attract more selling today. A weekly reversal this week could help confirm a technical "top" if December Chicago wheat closes under 6-84 ½. It was at 6-97 Wednesday. Rains will continue to hamper Europe's grain harvest this week. Jordan is tendering for 100-thousand tons of hard wheat. And this morning traders get the weekly USDA export sales report. On Wednesday Chicago Sept wheat was down 14 cents at 6-78 ½. Sept corn up a half cent at 3-28. Portland cash soft white wheat two to five cents lower at mostly 6-95 on moderate country selling. Club wheat 6-99. HRW 11.5 percent protein 14-18 cents lower at 7-05. Dark northern spring wheat 14% protein down a dime at 7-20. Barley at the coast 185 dollars a ton. Cattle futures were higher Wednesday. Traders are looking for a friendly USDA Cattle on Feed Report tomorrow afternoon. News that beef exports were up 20 percent through June was also positive and boxed beef was higher yesterday. Oct live cattle up 77 cents at 95-92. Oct feeders up 52 at 116-55. Sept Class III milk up 21 cents at 19-56. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.