09/21/07 Good exports sales help wheat futures

Market Line September 21, 2007 Wheat futures posted mostly modest gains Thursday. Contracts got an early boost from the weekly export sales report which came in above trade expectations at 1.6 million metric tons. A sharply lower dollar against the Euro was also friendly as it makes U.S. commodities more attractive to European buyers. Still lots of chatter that the wheat market top is in. Peter Georgantones of Investment Trading Services only sees one thing that could inflame the market again and that's what happens in Australia. Georgantones: "Southeastern part of Australia is where they just aren't getting a lot of moisture and the crop is under pretty good stress. But I think right now you have to be pretty cautious if you are long wheat. It actually looks like it should be sold on sharp rallies rather than bought on breaks. But I think what you need to look for is see how it reacts when we get some good, new business into the marketplace." On Thursday Chicago December wheat was up a nickel at 8-50. Dec corn up 11 at 3-69 ¼. Portland cash soft white wheat steady to seven cents higher at mostly 8-84 with some exporters not issuing bids due to adequate pipeline supplies. Club wheat 8-84. No Portland red wheat bids. Barley at the coast 261 dollars a ton. Cattle futures were lower Thursday. A weak beef market continues to weigh on contracts along with technical factors. Higher corn was also bearish. This afternoon it is the USDA's Cattle on Feed Report. Oct live cattle down 20 cents at 95-30. Oct feeders down 102 at 115-25. Oct Class III milk down eight cents at 19-01. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.