10/25/07 Wheat limit down on bearish Russian tariff news

Market Line October 25, 2007 Wheat futures had another day of steep and mostly limit down losses Wednesday, as the market reacted to a Russian official's statement it does not need to impose any tariff on wheat exports. Ideas that wheat acreage for 2008 in the U.S. and around the world will increase substantially were also bearish. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota thinks the highs are in for wheat. Georgantones: "The chart looks really, really bad right now and unless something crazy with the weather happens I think you can assume the highs are in on the front end of the wheat market here. Probably the back end too for that matter. The back end is more vulnerable. The funds like to buy the back end because it looks cheap relative to the front end. But it all depends on if we get a massive amount of business or not or if there is a weather problem somewhere in the growing regions." USDA's weekly export sales report is out this morning. On Wednesday Chicago December wheat was down 30 cents at 8-11. July new crop at Chicago down 21 ¾. Dec corn down 4 ½ at 3-56 ½. Portland cash soft white wheat and club wheat dropped 25-30 cents to 9-50. HRW 11.5 percent protein down 30 at 9-27. Dark northern spring wheat 14% protein down 30 cents at 9-38. Barley at the coast 250 dollars a ton. Cattle futures were lower Wednesday on fund liquidation and selling. Dec live cattle down 137 at 95-85. Nov feeders down 60 at 110-50. Nov Class III milk up 33 cents at 17-98. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.