12/16/08 Wheat futures mixed; cattle rally

Market Line December 16, 2008 Wheat futures closed higher at Chicago and Kansas City Monday, slightly lower at Minneapolis. Louise Gartner for the Linn Group at the Chicago Board of Trade says wheat found a lot of buying that may have been short covering or buying on thoughts wheat has found some sort of seasonal low, but Gartner says the fundamentals are still bearish and the closes both Friday and Monday were weak. Gartner: "So it really doesn't bode well. It doesn't suggest here is much momentum to the upside at all for this wheat complex." Iraq, Pakistan, Morocco and Jordan are all tendering for wheat this week but analysts don't expect the U.S. to be in a competitive position for most of this business. It appears a large area of central Washington winter wheat country lacks a snow cover during this period of artic cold, which has raised concerns about winterkill. On Monday Chicago March wheat was up seven cents at 5-20. March corn up 1 ¾ at 3-75 ¼. Portland soft white wheat any protein steady to higher at mostly 4-97. Maximum 10.5 percent protein 5-12. Club wheat 5-97. Maximum 10.5 percent club wheat 6-12. Only bids for 13 percent protein HRW at Portland at 6-51. DNS 14% protein down a penny at 7-99. No Portland barley bids. Cattle futures posted strong gains Monday on short covering, higher boxed beef prices and the cold blast of winter across the country. Some cash fed cattle sold last week above nearby futures prices. Feb live cattle up a dollar at 83-80. Jan feeders up 95 cents at 88-12. Jan Class III milk down seven cents at 13-13. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.