09/11/07 Aussie weather boosts wheat futures

Market Line September 11, 2007 The rain forecast for Australia didn't quite live up to its billing and that helped keep wheat futures climbing to new all-time highs Monday. Australia saw only scattered weekend showers. The fact buyers are still paying high prices was also supportive. Russia bought some Egyptian wheat and Iraq was said to be tendering for more. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange sees wheat remaining strong until export buying takes a break or backs off and there is a better feel for southern hemisphere production. Chiodo: "I really don't think that we have seen the highs in wheat, that we have peaked yet. I would say it is somewhere in the next 60-90 days before the funds roll forward on the Dec." Tomorrow USDA issues the September crop and supply and demand reports. On Monday Chicago December wheat was up 17 ½ cents at 8-61. Dec corn down 1 ½ cents at 3-46. Portland cash soft white wheat was 13 to 25 cents higher at mostly 8-45. Club wheat 8-47. HRW 11.5 percent protein for the last 3rd of September 21-22 cents higher at 8-59. Most exporters are not issuing bids for nearby delivery of dark northern spring wheat. Barley at the coast 247 dollars a ton. A late rally helped cattle futures close mostly higher Monday though nearby live cattle were lower. Weaker corn helped feeder contracts. Tyson did not operate three of its Midwest beef plants Monday due to poor margins. Oct live cattle down 40 cents at 95-70. Oct feeders up 12 at 118-45. Oct Class III milk down 52 cents at 19-55. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.