09/10/07 USDA updates wheat supply and demand this week

Market Line September 10, 2007 Analysts say there could be some evening up of positions by futures traders ahead of Wednesday's USDA report on world wheat supply and demand. Traders also continue to keep a close eye on Argentine and Australian weather. Late buying helped wheat futures close mostly sharply higher Friday. The weekly export sales report from USDA was below trade expectations, but Ryan Kelbrantz of ADM the Minneapolis Grain Exchange, says there was other export news. Kelbrantz: "Were reports that Iraq purchased up to 200-thousand metric tons of U.S. hard red winter wheat and the USDA reported a sale of 110-thousand tons of HRW to unknown destinations. That helped out things." On Friday Chicago December wheat was up 19 ½ cents at 8-43 ½. Dec corn up 8 ¼ at 3-47 ½. Portland cash soft white wheat was mixed at mostly 8-30. Club wheat 8-35. HRW 11.5 percent protein for late September delivery 24-32 cents higher at mostly 8-41. No Portland dark northern spring wheat bids. Barley at the coast 238 dollars a ton. A Labor Department report issued Friday showing a decline in new jobs for the first time in four years hit stocks and financial markets hard and that spilled over to cattle futures where traders thought a slower economy could shift beef demand to cheaper proteins. Higher corn also pressured feeder contracts. Cash fed cattle did sell higher than the previous week at mostly 95 dollars. Oct live cattle down 70 cents at 96-10. Oct feeders down 82 at 118-32. Oct Class III milk down 15 cents at 20-07. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.