12/17/08 Rallies in wheat and cattle futures

Market Line December 17, 2008 It was double digit gains for wheat futures Tuesday. A lower dollar, higher Euro and busy tender schedule this week, which now includes Saudi Arabia, were all cited as factors. Louise Gartner for the Linn Group at the Chicago Board of Trade, says winterkill is also a concern. That's winter kill in the plains. Gartner: "The wheat also responding to this extremely cold snap coming far down into the southern plains, further than what the forecasts suggested. Saw minus ten degrees in northwest Kansas. Of course no snow cover there. And even into northeast Colorado there are significant concerns about winter kill." On Tuesday Chicago March wheat was up 24 cents at 5-44. March corn up 18 ¾ at 3-94. Portland soft white wheat any protein a dime higher at mostly 5-07. Maximum 10.5 percent protein higher at 5-22. Club wheat 6-42 with maximum 10.5 percent club wheat at 6-57. No hard red winter wheat bids at Portland. DNS 14% protein up 18 cents at 8-12. No Portland barley bids. Cattle futures saw many limit up closes Tuesday. A higher stock market, more strength in boxed beef prices and Midwest weather, were all cited as positives for the market. Feb live cattle up three dollars at 86-80. Jan feeders up three dollars at 91-12. Jan Class III milk down 13 cents at $13. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.