01/06/09 Funds help wheat futures

Market Line January 6, 2008 Wheat futures opened weak but managed to close higher Monday. Louise Gartner for the Linn Group at the Chicago Board of Trade says funds were late buyers helping wheat close positive. Gartner: "So it looks like the funds either short covering or getting long some wheat. And that is taking a toll on the corn as we are seeing some spreads being lifted in those two markets." Jordan announced a tender for 100-thousand metric tons of wheat but the trade expectation is that the Black Sea and/or the E.U. will get that business. U.S. weekly export inspections recovered from last week's low levels and were 10.6 million bushels. On Monday Chicago March wheat was up 5 ¾ cents at 6-16 ¾. March corn down a penny at 4-11 ¼. Portland soft white wheat any protein steady at 5-75. Maximum 10.5 percent protein 5-85. Club wheat 7-25. Maximum 10.5 percent club wheat 7-35. HRW 11.5 % protein five to eight cents higher at 6-82. DNS 14% protein mixed at 8-47. No Portland barley bids. Live cattle futures were mixed Monday with feeders higher. Profit taking and good fundamentals were features in the live pit. Weakness in corn was cited for feeders as was a better cash price index. Feb live cattle up 45 cents at 87-55. March feeders up 120 at 96-72. Feb Class III milk down nine cents at 10-19. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.