09/06/07 Portland soft white tops $8 as futures move limit up again

Market Line September 6, 2007 For the second day in a row wheat futures closed limit up Wednesday helping to send Portland cash soft white wheat bids well over $8 a bushel and wheat futures in the U.S. and Paris to still newer all-time record highs. Continued concerns about dry weather in Argentina and Australia along with demand news were the price drivers. Ryan Kelbrantz has details on a large, new Egyptian purchase. Kelbrantz: "They ended up buying a total of 470-thousand of U.S. and Russian wheat. The breakdown consisted of 300-thousand U.S. and 170-thousand of Russian wheat. Also there was a report from USDA that Iraq had purchased up to 200-thousand tons of U.S. hard red winter wheat." Some traders are calling it panic buying from end users, while others see the market nearing a top. Given the quick price run-up Kelbrantz says we could see a technical breather. On Wednesday Chicago December wheat was up 30 cents at 8-35 ½. Dec corn down 7 ½ at 3-45 ¾. Portland cash soft white wheat 35-40 cents higher at mostly 8-20. Club wheat 8-22. HRW 11.5 percent protein 25 to 30 cents higher at 8-15. No Portland bids on dark northern spring wheat. Barley at the coast 230 dollars a ton. After making some new contract highs live cattle futures closed mostly lower Wednesday with feeder contracts mixed. Profit taking was cited as a factor in the live pit. Oct live cattle down 57 cents at 97-05. Oct feeders down 15 at 118-90. Oct Class III milk up a penny at 20-40. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.