08/31/07 Up, up and away for wheat futures

Market Line August 31, 2007 If you are waiting for $8 wheat you just might see it. That is the next psychological resistance point for Chicago December wheat after a huge rally Thursday. Contracts took off yesterday when the USDA reported weekly export sales of over 1.2 million metric tons, which was above the upper limit of trade expectations of 1.1 million. There are also strong technical indicators and renewed concern about dryness in Argentina and Australia. Joe Victor of Allendale Incorporated has a word of caution about that. Victor: "Special report coming from our private weather service suggesting that by late September, which would be not too late, but by late September a change in weather patterns for Argentina" On Thursday Chicago December wheat was up 26 at 7-84 ½. Dec corn down ½ at 3-39 ¾. Portland cash soft white wheat eight to 30-cents higher at 7-63. Club wheat 7-65. HRW 11.5 percent protein up 14 cents at 7-79. Dark northern spring wheat 14% protein 15-16 cents higher at 7-70. Barley at the coast 212 dollars a ton. Cattle futures were lower Thursday despite positive fundamentals suffering from a late end of month sell off. Cash cattle traded higher than last week with live sales at 93-94 dollars. Boxed beef was higher too. Oct live cattle down 97 cents at 97-07. Oct feeders down 82 at 118-15. Oct Class III milk up 11 cents at 19-96. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.