12/07/07 Friendly Canadian wheat numbers

Market Line December 7, 2007 Wheat futures were higher Thursday with Minneapolis again leading the way. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says the Stats Canada report was one reason. Hoops: "Stats Canada came out and showed all wheat stocks at 20.1 million tons. That is down slightly from the previous estimate and is 21% below year ago levels. We saw Minneapolis wheat hit $10 a bushel. First time wheat has it $10. Commercial demand is strong for Minneapolis wheat and driving prices higher. We saw Egypt tender after the close for some wheat business and if we can see that translate into some U.S. business we have another leg higher in the Chicago and Kansas City markets as well." Some light scattered rains are forecast for the dry areas of the Southern Plains but analysts say that factor is retreating to the sidelines with the coming of winter dormancy. On Thursday Chicago March wheat was up 6 ½ cents at 8-91 ½. July new crop at Chicago up 6 ¼ at 7-78. March corn up ¾'s of a cent at 4-12. Portland cash soft white wheat was higher at mostly 11-90. Club wheat 11-95. No Portland quotes on hard red winter wheat or hard red spring as exporters were not issuing bids for nearby delivery. Barley at the coast 249 dollars a ton. Cattle futures had modest gains Thursday. An incoming storm for the Midwest was cited as potentially disrupting movement of cattle to slaughter. Feb live cattle up 22 cents at 96-17. Jan feeders up a dime at 106-35. Jan Class III milk down 19 cents at 18-49. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.