09/07/07 Slight correction for wheat futures

Market Line September 7, 2007 Wheat futures closed mostly lower Thursday in what most commentators called a technical correction following the fast run up in prices this week. Kansas City and Minneapolis contracts faired the best on news that Morocco bought 125-thousand metric tons of U.S. hard red winter wheat. There was also talk about Algeria buying. Ryan Kelbrantz of ADM at the Minneapolis Grain Exchange says southern hemisphere weather was negative. Kelbrantz: "Weatherwise we did have Argentina seeing an increase in showers. They are expecting 50% coverage through Saturday. Those showers should improve moisture levels. Down in Australia they are gonna see a little bit of rain as well. They did see 10% coverage and they are going to see rains into early next week with up to 45% coverage." Weakness in European wheat futures also pressured U.S. contracts. The market gets the weekly export sales report today. On Thursday Chicago December wheat was down 11 ½ cents at 8-24. Dec corn down 6 ½ at 3-39 ¼. Portland cash soft white wheat ten cents lower to nine cents higher but mostly 8-27. Club wheat 8-29. HRW 11.5 percent protein for late September delivery was down two cents at 8-13. Still no Portland Dark northern spring wheat bids. Barley at the coast 238 dollars a ton. There were new contract highs in feeder cattle futures Thursday due to lower corn but live cattle contracts were mostly lower. Bear spreading was a feature in the live pit. Oct live cattle down 25 cents at 96-80. Oct feeders up 25 at 119-15. Oct Class III milk down 18 cents at 20-22. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.