11/22/07 Wheat futures soar into holiday

Market Line November 22, 2007 Wheat futures were limit up pretty much across the board at exchanges Wednesday in thin pre-holiday trading. Cash bids at Portland were also sharply higher. Positive technicals were cited as a factor and also good export demand. Pakistan was rumored to be back in the market for more U.S. soft white wheat. There is also concern about the hard red winter wheat crop in the U.S. southern plains. USDA meteorologist Brad Rippey says there is a chance of some precipitation this weekend which would help germinate the crop there but; Rippey: "I would say if we miss we are obviously going to see some wheat fields across the southwestern plains that simply will not emerge this fall and will have to go to plan B with those fields because they are not going to produce wheat." On Wednesday Chicago December wheat was up 30 cents at 8-03 ½. July new crop at Chicago up 22 ½ at 7-10. Dec corn up ¾ of a cent at 3-82. Portland cash soft white wheat was 15 to 20 cents higher at mostly 10-23. Club wheat 10-25. HRW 11.5 percent protein up 29 cents at 9-45. Dark northern spring wheat 14% protein 27-30 cents higher at 10-06. Barley at the coast 247 dollars a ton. Live cattle futures were mixed Wednesday with feeders higher. Dec live cattle up 17 cents at 96-35. Jan feeders up 32 at 109-90. Dec Class III milk unchanged at 19-82. All futures exchanges are closed today for Thanksgiving. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.