01/14/09 Wheat importers go elsewhere; cattle futures rally

Market Line January 14, 2008 Wheat futures bounced higher early in Tuesday's session, then fell back and managed to close just pennies higher. Louise Gartner for the Linn Group at the Chicago Board of Trade still thinks wheat will head lower. She notes there was again disappointing export news for the U.S. Gartner: "Once again we are seeing Egypt going to the Black Sea, in particular to Russia for 60-thousand tons of wheat. Saudi Arabia went to Canada for 385-thousand tons of hard wheat. So we continue to see buyers go to other places even if they want the higher quality wheat. Canada intends to be a player this year." On Tuesday Chicago March wheat was up a penny at 5-70 ¾. March corn down 18 ¼ at 3-62 ½. Portland soft white wheat any protein 10 to 15 cents higher at mostly 5-65. Maximum 10.5 percent protein 5-75. Club wheat 7-15. Maximum 10.5 percent club wheat 7-25. HRW 11.5 % protein up two cents at 6-32. DNS 14% protein up nine cents at 8-07. No Portland barley bids. Cattle futures saw triple digit gains Tuesday. Live contracts got support from good boxed beef movement and fund buying. Feeders got support from front month discounts to the CME index and sharply lower corn. Feb live cattle up 117 at 84-07. March feeders up 157 at 94-90. Feb Class III milk down 14 cents at 9-71. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.