09/05/07 Wheat futures top $8

Market Line September 5, 2007 U.S. wheat futures closed limit up Tuesday with September Chicago wheat hitting a record high of $8.11 ¾ and December closing above $8. In Paris, November wheat futures hit a record 282 Euros per ton which is the equivalent of $10.43 a bushel. A big boost came from news over the weekend that India had purchased 795-thousand metric tons of wheat. Though it was not U.S. grain it was much more than the 530-thousand that was expected. Ryan Kelbrantz of ADM at the Minneapolis Grain Exchange cites some other factors. Kelbrantz: "Tight stocks and some technical buying are helping out things. Talk over Russia curbing grain exports is also seen as supportive and the weather down south is as well. So look for continued support." After the close yesterday Egypt announced a tender for wheat. On Tuesday, Chicago December wheat was up 30 cents at 8-05 ½. Dec corn up 13 ¼ at 3-53 ¼. Portland cash soft white wheat 20-24 cents at 7-80. Club wheat 7-82. Only last half September bids for HRW 11.5 percent protein, up 25-27 cents at 7-86. No Portland bids quoted for Dark northern spring wheat 14% protein. Barley at the coast 225 dollars a ton. Higher grains did not hurt cattle futures which posted gains Tuesday along with some new contract highs for both live and feeder cattle. Oct live cattle up 72 cents at 97-62. Oct feeders up 142 at 119-05. Oct Class III milk up 54 cents at 20-39. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.