10/02/07 Wheat prices keep climbing; cattle futures lower

Market Line October 2, 2007 Wheat futures posted more good gains Monday with new all time highs set at Kansas City and Minneapolis. Joe Victor of Allendale Incorporated says Australia's drought situation continues to be a market focus. Victor: "No rain really over five to seven days out. Some rain for the very extreme southern locations but the trade is of the attitude that the crop is getting smaller day by day. Within a week to a week and a half if there are any rains that come in they might be able to salvage some kind of a crop. Should let you know that the trade is right now trading production for Australia of 13 to 13.5 million tons." Demand continues to come to the U.S. too with both Morocco and Egypt tendering for wheat. On Monday Chicago December wheat was up 13 ½ cents at 9-52 ½. Dec corn down 4 ¼ at 3-68 ¾. Portland cash soft white wheat 12-15 cents higher at mostly 10-35. Club wheat 10-35. HRW 11.5 percent protein 20-25 higher at 10-09. Dark northern spring wheat 14% protein 21 to 23 cents higher at 9-98. Barley at the coast 300 dollars a ton. Cattle futures were lower Monday. A major factor was spillover pressure from hogs over the bearish Hogs and Pigs report Friday. Dec live cattle down 120 at 98-60. Nov feeders down 167 at 114-95. Nov Class III milk up 30 cents at 17-51. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.