08/27/07 Cuba buys U.S. wheat

Market Line August 27, 2007 Wheat futures were higher Friday with the best gains posted at Kansas City. Traders expect more export business to come to the U.S. given tight world wheat supplies. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says that's keeping the wheat market bullish. Hoops: "And I don't see any reason to short the wheat market. There is really no rationing evidenced in the market. In fact, we saw Cuba buying 100-thousand tons of hard red wheat and Iraq is finalizing a deal to buy 200-thousand metric tons of U.S. wheat. Expected to be hard wheat, which is another reason why Kansas City was up so sharply." On Friday Chicago December wheat was up three cents at 7-42. December corn down 3 ¼ at 3-58 ¾. Portland cash soft white wheat two to five cents higher at mostly 7-20. Club wheat 7-22. HRW 11.5 percent protein up nine cents at 7-33. Dark northern spring wheat 14% protein unchanged to up a dime at 7-29. Barley at the coast 208 dollars a ton. Retail beef sales will be on cattle future traders' thoughts as we approach the Labor Day weekend. Cattle futures had good gains Friday on price advances in the cash fed market and spillover support from hog futures. There was also news Friday that South Korea was going to resume quarantine inspections of U.S. beef beginning today, meaning U.S. exports can resume. Oct live cattle up 97 cents at 97-82. Oct feeders up 80 at 118-30. Oct Class III milk up a nickel at 19-04. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.