09/27/07 More new all time high wheat prices

09/27/07 More new all time high wheat prices

Market Line September 27, 2007 It was almost limit up across the board for wheat futures at the U.S. exchanges Wednesday. New all time highs were set in the futures and for cash soft white at Portland. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota sums up the drivers of this bull market. Hoops: "Demand remains bullish as Algeria bought another 200-thousand tons of hard red wheat. Morocco is tendering for 133. We still see concerns from the Australian crop as it could be lowered to 10 million tons as a possibility. So supply news is certainly bullish. Demand is bullish for wheat." It was Australia's Agriculture Minister who said his country's wheat crop could be the same size as last year's drought ravaged production of 10 million metric tons. On Wednesday Chicago December wheat was up 30 cents at 9-17 ¼. Dec corn up 3 ¼ at 3-75. Portland cash soft white wheat higher by five to 23 cents at mostly 9-70. Club wheat 9-70. No hard red winter or DNS bids at Portland. Barley at the coast 282 dollars a ton. There were some cash fed cattle sales Wednesday a dollar higher than last week but cattle futures were mostly lower as traders remain cautious about the cash market this week. Boxed beef was higher Wednesday too. Higher grains were negative for feeders. Oct live cattle down 32 cents at 97-25. Oct feeders down 15 at 115-92. Oct Class III milk down 14 cents at 18-15. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.
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