08/30/07 Wheat futures soar still higher

Market Line August 30, 2007 Wheat futures were higher Wednesday with double digit gains posted at Chicago and Kansas City. December Chicago wheat hit an all-time high of $7.60 during the session. Commentators said there really wasn't any fresh news yesterday and traders bought for both technical and fundamental reasons. Joe Victor of Allendale Incorporated says dryness in the southern hemisphere remains a concern. Victor: "Be reminded that both Argentina and Australia both remain drier than normal. Of course that is something that has to bear on seeing these elevated future prices." On Wednesday Chicago December wheat was up 20 1/4 cents at 7-58 1/2. Dec corn down 4 ½ at 3-40 ¼. Spot Portland cash soft white wheat seven to nine cents higher at mostly 7-35. Club wheat 7-37. HRW 11.5 percent protein no comparison but mostly 7-56. Dark northern spring wheat 14% protein no comparison mostly 7-47. Barley at the coast 210 dollars a ton. Cattle futures were higher Wednesday. There are bullish cash market expectations aided by pre-Labor Day wholesale beef demand. With cattle on feed numbers down traders anticipate tight supplies into autumn. Lower corn was also supportive. Oct live cattle up 45 cents at 98-05. Oct feeders up 12 at 118-97. Oct Class III milk up 52 cents at 19-85. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.