11/20/07 Pakistan purchase boosts soft white wheat

Market Line November 20, 2007 Cash soft white wheat bids at Portland Monday were as much as 25 cents higher benefiting from higher Chicago futures, but mostly from what USDA Market News Service reported as indications that Pakistan purchased 150-thousand metric tons of soft white wheat over the weekend. That grain would be for February shipment. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange says expectations were for a two point drop in winter wheat condition ratings in USDA's report yesterday afternoon. USDA meteorologist Mark Rippey ways the good to excellent rating dropped four points to 45 percent good to excellent. Rippey: "The big problem remains the southern and western parts of the Great Plains where we see significant issues due to the dryness that has developed this fall." On Monday Chicago December wheat was up 6 ¾ cents at 7-56 1/4. July new crop at Chicago up 13 ¾ at 6-79. Dec corn down two cents at 3-77 ½. Portland cash soft white wheat was 20-25 cents higher at mostly 9-98. Club Wheat $10. HRW 11.5 percent protein six to seven cents higher at 8-96. Dark northern spring wheat 14% protein up eight cents at 9-57. Barley at the coast 247 dollars a ton. Cattle futures were lower Monday as traders reacted to Friday's Cattle on Feed report which showed marketings lower than anticipated and heavier placement weights. Dec live cattle down 12 cents at 95-17. Jan feeders down 30 at 108-82. Dec Class III milk down a nickel at 19-50. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.