09/26/07 Soft white prices surge still higher

Market Line September 26, 2007 Sharply higher wheat futures during Tuesday's session helped send Portland cash soft white wheat prices up 35 cents a bushel yesterday. Good exporter demand and very limited country selling were also supportive. Wheat futures did close up with Kansas City setting a new high. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says there is a lot of news on the demand front. Hoops: "Algeria bought 330-thousand metric tons of hard red winter wheat. Also Pakistan is in the market for wheat. They are tendering for 100-thousand Iraq is tendering for 50-thousand. Turkey has approved a tender amount of 800-thousand to be imported over the next six to eight months as their supplies have been reduced. So demand news is still there for wheat." Also bullish Tuesday was a private company forecast from Australia pegging the wheat crop down under as low as 12 million metric tons if rains aren't plentiful in the next two weeks. On Tuesday Chicago December wheat was up 9 1/2 cents at 8-87 ¼. Dec corn down 1 3/4 at 3-71 ¾. Portland cash soft white wheat up 35 cents at mostly 9-55. Club wheat 9-55. No Portland red wheat bids. Barley at the coast 265 dollars a ton. Cattle futures were slightly lower Tuesday. Live cattle saw profit taking and some contract spreading. There was also technical selling in feeder contracts. Oct live cattle down seven cents at 97-57. Oct feeders down 17 at 116-07. Oct Class III milk down 11 cents at 18-29. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.