09/17/07 Critical time for Australian wheat

Market Line September 17, 2007 The Australian wheat crop will continue to be a primary focus of futures traders this week. Some Australian officials have commented that some areas could lose 50 percent of their acres if they do not get rain this week. The Australian government will also put out an official estimate of the crop tomorrow. Friday wheat futures were slightly higher in a light trade. Mark Chiodo of Slipka Trading in Minneapolis highlights some of the news items the market dealt with. Chiodo: "Turkey's grain board said they were going to be seeking to import a large quantity of wheat coming up here and also some commentary that Ukraine probably won't lift their quota anytime soon kind of gave some support to the wheat. But overall it was kind of a quiet day in the market here." On Friday Chicago December wheat was up a penny at 8-46. Dec corn up 2 ¼ at 3-49. Portland cash soft white wheat was up seven cents to down eight at mostly 8-65. Club wheat also 8-65. Again no Portland red wheat bids. Barley at the coast 255 dollars a ton. The U.S. border is expected to open up November 19th to any Canadian cattle, and beef from them, that were born after March 1st of 1999 under a final rule USDA announced Friday. Cattle futures posted moderate gains Friday on short covering and fund buying. This Friday it's the USDA Cattle on Feed report. Oct live cattle up 57 cents at 95-25. Oct feeders up 32 at 116-85. Oct Class III milk down 75 cents at 18-75. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.