09/28/07 $10 soft white wheat

Market Line September 28, 2007 Wheat prices Thursday continued to trek to levels where wheat prices have never been before. Futures at Chicago, Kansas City and Minneapolis all saw new highs and soft white at Portland hit $10 a bushel. Funds were buyers and the weekly export sales report came in above expectations. USDA also reported the sale of 232-thousand tons of hard red wheat to unknown destinations. Other positive news was the International Grain Council lowering its estimate of world wheat production including Australia's. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says look out today though. Hoops: "You have to very susceptible to a market that could endure some profit taking. It is the end of the month, end of the quarter. And last end the quarter wheat had a huge outside reversal before rallying sharply again. But go back and look a chart on June 27th and you will see what I am talking about." On Thursday Chicago December wheat was up 15 ¾ cents at 9-33. Dec corn up 11 ¾ at 3-86 ¾. Portland cash soft white wheat bids for first half October 10-22 cents higher at mostly $10. Club wheat $10. HRW 11.5 percent protein mostly 9-70. Dark northern spring wheat 14% protein 9-46. Barley at the coast 282 dollars a ton. Cattle futures were mixed Thursday with caution over this week's cash trade affecting live cattle and higher corn pressuring feeders. Oct live cattle down 35 cents at 96-90. Oct feeders down 42 at 115-50. Oct Class III milk up a nickel at 18-20. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.