09/20/07 Has wheat seen its high?

Market Line September 20, 2007 Wheat futures posted double digit losses Wednesday. As traders say a bull market needs to be fed daily and there wasn't any fodder yesterday. There is also a group of traders who think the top is in for the wheat market. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota is among them. Georgantones: "I think our wheat looks awfully toppy here technically. I am telling my customers that we may have put a top in, at least for the time being, unless we get some screaming business coming through." Indian officials are saying their wheat stocks are adequate and they are in no hurry to import more wheat. The market seems satisfied for now with the latest Australian government estimate of the Australian wheat crop at 15.5 million tons. On Wednesday Chicago December wheat was down 24 cents at 8-45. Dec corn up six at 3-58 ¼. Portland cash soft white wheat was 9-15 cents lower at 8-85. Club wheat 8-85. Still no hard red wheat bids at Portland. Barley at the coast 261 dollars a ton. It was a mixed close for cattle futures Wednesday. Live cattle got pressure from news of packer intentions to slowdown beef production. Some speculative buying ahead of tomorrow's USDA Cattle on Feed report provided some support. Oct live cattle down 15 cents at 95-50. Oct feeders down 17 at 116-27. Oct Class III milk up 61 cents at 19-09. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.