11/30/07 Portland soft white wheat closes in on $11

Market Line November 30, 2007 Portland cash soft white wheat bids at Portland Thursday were just under $11 at 10-95 for December delivery. The cash market was again helped by higher futures. Pakistan is tendering for another 200-thousand tons of wheat. They recently purchased 150-thousand of PNW soft white. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota says the export sales report helped too. Georgantones: "Basically export sales were 400-thousand tons. A nice number, about double of what we need to be doing. I think they have gotten enough play off of this Argentina halting of export registrations for the time being. So the market is getting a little ahead of itself, getting overbought and that is why you are starting to see a little more of a correction." On Thursday Chicago March wheat was up 6 ½ cents at 8-88 ¼. July new crop at Chicago up 18 ½ at 7-46 ½. March corn down 3 ¾ cents at 4-00 ¾ cent. Portland cash soft white wheat and club wheat was 10-15 cents higher at mostly 10-95. HRW 11.5 percent protein at mostly 9-93. Dark northern spring wheat 14% protein up 12 cents at 10-55. Barley at the coast 247 dollars a ton. Lower cash cattle and beef prices pressured cattle futures Thursday and contracts closed lower. Technical concerns added to the bearish tone. Feb live cattle down 40 cents at 96-65. Jan feeders down 50 at 109-07. Jan Class III milk down 32 cents at 18-06. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.