11/16/07 Wheat futures surge upward

Wheat futures were up sharply on Thursday. Chicago December wheat was 7.65 ½ a gain of .13. Kansas City added 14 ¾ while Minneapolis December was up 16. World Outlook Board Chairman Gerry Bange says US wheat export sales remain strong, up 27 percent from last year. BANGE "These very strong prices were seeing now are in fact beginning to ration our uses and particularly out exports to some degree. A number of countries that indicated earlier that they were going to import more probably are not going to import quite as much because of the very, very strong prices. But those wheat prices still remain strong. BANGE "We did increase our forecast for the 2007-08 year up to $6.10. Everyone knows that the wheat prices have been very, very strong. We're looking now for a price between $5.90 and $6.30." December corn down 8 ¼ to 3.74 ¾. Portland cash white 9.75 Club White 9.75 Pacific Northwest HRW 11.5 percent protein mostly 8.85 Dark Northern Spring 14 percent protein up 11 to 9.55 Cattle futures were mixed, December live cattle lost .25 to 95.32. January feeders 109.32, up .35. December Class III milk at Chicago up .28 to 19.16.