11/28/07 Portland cash soft white wheat hits new all-time record high again

Market Line November 28, 2007 Wheat futures were higher again Tuesday and that helped push Portland cash soft white wheat bids to a new record high of $10.60 a bushel for spot delivery. The previous high was in early October at about the 10-40 level. Peter Georgantones of Investment Trading Services of Bloomington, Minnesota did not see much news to move the futures market. Georgantones: "I didn't really see a whole lot of news input except for the front end of the wheat market. I think there was some business. Pakistan is bidding. India is bidding. I think that is the main news. I thought we would start selling off with the other row crops and that did not take place." Other commentators point to the Commitment of Traders Report which showed and underlying oversold condition in wheat futures. On Tuesday Chicago March wheat was up 17 ¾ cents at 8-51 ¾. July new crop at Chicago up a dime at 7-20. March corn down 2 ½ at four dollars and ¾ of a cent. Portland cash soft white wheat and club wheat was 10-15 cents higher at mostly 10-60. Once again no hard red winter bids at Portland. Dark northern spring wheat 14% protein up 11 cents at 10-24. Barley at the coast 247 dollars a ton. Live and feeder cattle futures were lower Tuesday. Questions about the economy and beef demand were cited as well as expectations of increased beef supplies from Canada in 2008. Falling hog futures did not help. Thoughts now are cash fed cattle will trade steady this week. Feb live cattle down 57 cents at 97-95. Jan feeders down 37 at 110-57. January Class III milk up two cents at 18-48. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.