01/29/09 Higher wheat futures; cattle mixed

Market Line January 29, 2008 Wheat futures saw modest gains Wednesday. Joe Victor of Allendale Incorporated says the key was Chicago wheat. Victor: "That is because the Chicago Board of Trade, wheat traders there were able to push the wheat above a 20-day moving average and that caused not only Chicago but also Kansas City and Minneapolis to trade higher." Victor says there is fundamental strength from expectations the U.S. will get some of Brazil's import business given Argentina's restriction on exports. The CCC is tendering for 34 thousand metric tons of wheat for Afghanistan, Bangladesh and Ethiopia. USDA's weekly export sales report is out this morning. On Wednesday Chicago March wheat was up 10 ½ cents at 5-95 ¼. March corn up seven at 3-84 ½. Portland soft white wheat any protein was steady to a dime higher at mostly 5-75. Maximum 10.5 percent protein 5-90. Club wheat 7-25. Maximum 10.5 percent club wheat 7-40. HRW 11.5 % protein 11-14 cents higher at 6-60. DNS 14% protein five to ten cents higher at 8-26. No Portland barley bids. Live cattle futures were weak Wednesday with feeders firm. Traders are nervous about the cash fed cattle market this week. So far prices are running below last week. A stronger stock market offered support. April live cattle up two cents at 84-42. March feeders up 30 cents at 90-57. Block cheese buying helped March Class III milk futures close up 28 cents at 10-23. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.