10/08/07 New supply and demand report this week

Market Line October 8, 2007 Grain traders will get an updated supply and demand report for wheat this Friday from USDA. Today however, the focus is likely to be on how much precipitation key wheat growing areas in Australia have received or may get this week. Friday most wheat futures were lower except new crop at Chicago was stronger. Joe Victor of Allendale Incorporated says a U.S. wheat sale to Algeria benefited new crop wheat contracts. Victor: "U.S. did sell Algeria 200-thousand tons of hard red winter wheat, however that is for the 2008-2009 marketing year and that did encourage some bear spreading." On Friday Chicago December wheat was down sixteen cents at 8-90. New crop Chicago July wheat up 7 ½ at 6-86 ½. Dec corn unchanged at 3-42 ¼. Portland cash soft white wheat and club wheat steady to a nickel lower at mostly 10-35. HRW 11.5 percent protein 10-15 cents lower at 9-70. Dark northern spring wheat 14% protein five to 11 cents lower at 5-89. Barley at the coast 295 dollars a ton. The on-off beef trade with Korea is off again with another temporary suspension of U.S. imports due to the finding of spinal material in a shipment. Live cattle futures saw sharp losses Friday with some three-month lows on cash fears, boxed beef discounts and fund selling. Feeder contracts were also lower. Dec live cattle down 172 at 96-12. Nov feeders down 155 at 113-50. Nov Class III milk down 37 cents at 17-20. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.