11/23/07 Will wheat follow through on Wednesday's rally?

Market Line November 23, 2007 It was pretty much limit up for wheat futures in the last trading session Wednesday. The question is will there be follow through buying today. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange doubts it. But he says technicals and fundamentals were bullish Wednesday. Chiodo: "Just ran out of sellers along here and got rolling. Plus there has been some business going on in the white wheat. Pakistan has picked a whole bunch of that and most folks this we are quite a bit lower than what the government has for a carryout. It drove the market pretty hard and spent most of the day near limit and finally locked limit at the end of day there." 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. After cattle futures trading closed Wednesday there was a moderate cash fed cattle trade in the southern plains with prices $2.50 to $3 higher than last week. Live cattle 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. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.