01/11/08 $14 soft white wheat

Market Line January 11, 2007 Wheat futures were mixed Thursday but cash soft white wheat at Portland continued to move higher with some nearby delivery bids topping $14 dollars a bushel. Very limited farmer selling of tight old crop supplies met good exporter demand for fulfilling upcoming vessel commitments. Joe Victor of Allendale Incorporated says USDA reports are out this morning and they affected Thursday's trade. Victor: "The overall direction of the market, choppy, primarily because of limited trade ahead of those USDA scheduled reports." A key number traders are looking for in this morning's USDA reports is the acres of winter wheat planted. On Thursday Chicago March wheat was down seven cents at 8-82 ½. July new crop at Chicago down 15 at 7-76. March corn down 2 ¼ at 4-75. Portland cash soft white and club wheat 55-70 cents higher at mostly $14. August new crop soft white lower at 8-10. HRW 11.5 percent protein five to ten cents higher at 10-04. Dark northern spring wheat 14% protein three to eight cents higher at 11-68. Barley at the coast 260 dollars a ton. Live cattle were mostly firm Thursday on contract rolling and speculation about reduced long term supplies due to higher feed costs. Lower corn and fund buying helped feeder contracts. Feb live cattle down seven cents at 93-20. March feeders up 137 at 104-77. Feb Class III milk unchanged at 17-87. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.