09/12/07 More new wheat highs going into USDA report

Market Line September 12, 2007 Wheat futures saw limit up to near limit up gains Tuesday as both fundamental and technical pictures remain bullish. The new all-time record highs came as traders prepared for the release this morning of production and supply and demand reports from the USDA. Traders are looking for bullish numbers for U.S. and world wheat ending stocks. Mark Chiodo of Slipka Trading says it all makes him wonder where the wheat market top is. Chiodo: "I don't know. I was thinking somewhere in the $9.50 range but now I think that is out the window. There is no indication that I can see that we are near a top at this point. None of the usual indicators." On Tuesday Chicago December wheat was up 29 ½ cents at 8-90 ½. Dec corn down 4 ¾ at 3-41 ¼. Portland cash soft white wheat five to 18 cents higher at mostly 8-60. Club wheat 8-62. HRW 11.5 percent protein bids for last third of September up 30 cents at 8-89. No Portland dark northern spring wheat bids. Barley at the coast 248 dollars a ton. It was a mixed close for cattle futures Tuesday. Index fund rolls continue putting pressure on nearby contracts. Some traders are skeptical about cash fed cattle matching last week's prices given the slippage in beef prices. Oct live cattle unchanged at 95-70. Oct feeders down 12 cents at 118-32. Oct Class III milk up 72 cents at 20-27. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.