12/26/08 Higher wheat and cattle futures

Market Line December 26, 2008 Grains were able to divorce themselves from lower crude prices Wednesday and close higher. Speculator short covering was said to be the main feature of the light volume trading with wheat getting spillover support from row crops. Analysts say that could be the case again today. After having missed out on sales to Egypt and Pakistan earlier in the week, Joe Victor of Allendale says the U.S. may have been left out of more wheat sales. Victor: "Iraq and also Morocco, speculation at this point of time is that if there was any U.S. wheat involved it would be very minor amounts, because once again, the Black Sea is selling wheat a discount." On Wednesday Chicago March wheat was up seven cents at 5-82 ¼. March corn up 3 ¼ at 3-98. Portland soft white wheat any protein steady to ten cents higher at mostly 5-55. Maximum 10.5 percent protein 5-70. Club wheat 7-15 with maximum 10.5 percent club wheat 7-30. No hard red winter wheat bids. DNS 14% protein up eight cents at 8-42. No Portland barley bids. Cattle futures were higher Wednesday. Short covering, cash market optimism and higher boxed beef were supportive to live contracts and feeders followed. Feb live cattle up 137 at 88-32. Jan feeders up 127 at 94-87. Jan Class III milk down 14 cents at 11-56. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.