08/23/07 Spot soft white $7 Portland; new all-time wheat futures high

Market Line August 23, 2007 Wheat futures markets continue to try and find a price level that will begin to ration the tight supply of wheat in the world. The result Wednesday was double digit gains and what most traders consider a new all-time record high for wheat futures of $7.31 ¾ which came in Chicago December wheat. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says export news was behind the rally. Hoops: "As 110-thousand metric tons of U.S. white wheat was sold to an unknown destination. Egypt bought 55-thousand tons of Russian wheat. Taiwan is tendering for 92-thousand U.S. wheat. Stats Canada is out this morning and India is expected to issue a new tender for Thursday morning. So all that combined to give us strength." Hoops is however, apprehensive about a possible change for wheat futures Friday due to option expirations. On Wednesday Chicago Sept wheat was up 27 cents at 7-18 ½. Sept corn up nine at 3-47 ½. Portland cash soft white wheat was five to 20 cents higher at mostly $7. Club wheat 7-05. HRW 11.5 percent protein ten to 17 cents higher at mostly 7-17. Dark northern spring wheat 14% protein 6-13 cents higher at 7-20. Barley at the coast higher at 202 dollars a ton. Higher grains were not good news for cattle futures which closed lower Wednesday. Oct live cattle down 92 at 95-47. Oct feeders down 102 at 116-75. Sept Class III milk up 13 cents at 19-93. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.