10/11/07 Wheat futures get a bounce

Market Line October 11, 2007 Wheat futures finally had an up day Wednesday after several days of sharply lower closes. Commentators says the market was due for a bounce. There was positioning ahead of USDA's supply and demand report tomorrow. Ryan Kelbrantz of ADMIS at the Minneapolis Grain Exchange, says there was news on the export front. Kelbrantz: "We had South Korean flour millers buying 62,800 metric tons of U.S. Number One wheat for Dec-Jan shipment. The USDA did report a sale of 300-thousand tons of hard red winter wheat to Iraq for delivery in 07-08. And Egypt's GASC ended up buying a little Russian wheat, 190-thousand tons there, for November-December delivery." This is the second straight tender in which Egypt has passed on U.S. wheat. On Wednesday Chicago December wheat was up 7 ½ cents at 8-53. New crop July Chicago up 5 ¼ at 6-65 ¾. Dec corn up 4 ¾ at 3-47 ¼. Portland cash soft white wheat and club wheat steady to a dime higher at mostly 9-75. HRW 11.5 percent protein 14-32 cents higher at 9-43. Dark northern spring wheat 14% protein seven to 18 cents higher at 9-70. Barley at the coast 275 dollars a ton. Late short covering helped live cattle futures close higher Wednesday as traders await cash fed cattle developments. Feeders were weak getting some pressure from higher grains. U.S. and South Korean officials will meet to discus the beef trade. Dec live cattle up 12 cents at 96-62. Nov feeders down 17 at 113-07. Nov Class III milk up 36 cents at 17-40. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.