12/05/07 Deferred soft white wheat bids hit $12

Market Line December 5, 2007 Cash soft white wheat bids at Portland leapt higher again Tuesday with bids for February delivery hitting $12 dollars a bushel. Nearby bids remained under 12. Good exporter demand and very limited country selling supported bids as did higher wheat futures. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says bullish export news is re-surfacing. Hoops: "Commercials are scrambling for coverage in the futures and options market while the short specs are trying to cover their positions. News that Japan, Turkey, South Korea and Jordan are all in the market for wheat this week, combined with the announcements that Russia and Argentina are both closing their export programs temporarily, have bullish traders anticipating a renewed U.S. export program." On Tuesday Chicago March wheat was up 17 ¼ cents at 8-94. July new crop at Chicago up 17 ½ at 7-74 ½. March corn up 7 ¾ at 4-11 ¼. Portland cash soft white wheat and club wheat was 40-50 cents higher at mostly 11-45. HRW 11.5 percent protein up sixteen cents at 10-02. Dark northern spring wheat 14% protein up 17 at 10-81. Barley at the coast 249 dollars a ton. Cattle futures were mixed Tuesday Contracts were impacted by technical factors, commodity funds and higher grain prices. Reports say the U.S. and Russia may be near agreement on Russia resuming U.S. beef imports. Feb live cattle down seven cents at 96-30. Jan feeders down a dollar-five at 107. Jan Class III milk down 18 cents at 18-57. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.