11/09/07 Wheat sales cancelled

Market Line November 9, 2007 Wheat futures posted sharp losses Thursday. Weekly export sales were shockingly low at 14-thousand-600 metric tons which Joe Victor of Allendale Incorporated says were well under trade expectations of 350 to 550-thousand. Victor: "That was the fundamental basis but more of a technical move than anything else. A key support was broken triggered into sell stops." The reason for the low export sales were cancellations by Egypt, Morocco and an unknown destination. Commentators say the cancellations seem to confirm recent rumors that importers who had bought near the highs in September were canceling contracts with the aim repricing them at lower levels. This morning it's the monthly USDA crop production and supply and demand reports. On Thursday Chicago December wheat was down 25 ¾ cents at 7-62. July new crop at Chicago down a dime at 6-81 ½. Dec corn up 5 ¼ cents at 3-89 ½. Portland cash soft white wheat was steady to two cents lower at mostly 9-85. Club wheat 9-90. HRW 11.5 percent protein down 19-22 cents at 8-97. Dark northern spring wheat 14% protein 17 to 24 cents lower at 9-46. Barley at the coast 249 dollars a ton. Cattle futures were higher Thursday with live contracts supported by short covering, higher boxed beef and forward contract spreading. Dec live cattle up 52 cents at 95-40. Jan feeders up 50 at 107-67. Dec Class III milk down eight cents at 18-17. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.