08/24/07 Still another new all-time record high for wheat futures

Market Line August 24, 2007 A good weekly export sales report and a Stats Canada wheat crop estimate smaller than expected helped most wheat futures contracts close higher Thursday. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota points out however that Chicago wheat closed well off its high. Hoops: "Wheat was up 22 in at one point in Chicago. Closed up seven higher there. Kansas City up eight and Minneapolis up ten." That's December futures, which at Chicago hit a new all time record high of $7.54 during the trading session, surpassing the 7-50 set in March of 1996. Dow Jones Newswires reports that 7-50 from '96' would have to equal $9.96 today to have the same purchasing power. Some commentators note there are warning signs of a possible technical high in wheat. On Thursday Chicago Sept wheat was up four cents at 7-22 ½. Sept corn down 2 ¼ at 3-45 1,4. Portland cash soft white wheat 10-20 cents higher at mostly 7-20 on higher futures and good export demand. Club wheat 7-22. HRW 11.5 percent protein 4-8 cents higher at 7-24. Dark northern spring wheat 14% protein up nine at 7-29. Barley at the coast higher at 208 dollars a ton. Cattle futures were higher Friday on good news in the cash markets. Fed cattle sold three dollars higher than last week on a dressed basis, two dollars higher on a live basis. Boxed beef was also higher. Oct live cattle up 137 at 96-85. Oct feeders up 75 at 117-50. Sept Class III milk down 15 cents at 19-78. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.