09/14/07 Wheat futures fall again

Market Line September 14, 2007 Mainly profit taking. That's what many a market commentator had to say about another day of losses for wheat futures Thursday. The sell-off comes after moves to new all-time highs earlier in the week and despite a weekly export sales report Thursday showing sales nearly double trade expectations at 2.1 million metric tons. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange says there were some negative items in the news stream. Slipka: "Futures were lower in France. Argentina getting some beneficial rains. Some call for light, scattered showers in Australia. India talking that it won't buy anymore wheat in the near future here. All that led to some more selling and pressure in the wheat." On Thursday Chicago December wheat was down 15 ½ cents at 8-45. Dec corn down 9 ¾ at 3-46 ¾. Portland cash soft white wheat 12-15 cents lower at 8-65. Club wheat 8-67. USDA Market News quoted no Portland bids for HRW or DNS. Barley at the coast 252 dollars a ton. Cattle futures were mostly lower Thursday. Traders are now expecting lower cash fed cattle prices this week. Boxed beef was lower which implies weakening packer margins. Oct live cattle down a nickel at 94-67. Oct feeders down 17 at 116-52. Oct Class III milk down 71 cents at 19-50. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.