Wheat and cattle futures rally

Market Line March 13, 2008 Wheat futures closed higher Thursday regaining much of the loses from Wednesday. The weekly export sales report for wheat was within trade expectations. The higher stock market and higher crude oil benefit the grains too. Rains in the Southern Plains are not expected to provide much relief to drought there. Louise Gartner for the Linn Group at the Chicago Board of Trade says Iraq and Australia are talking wheat. Gartner: "Iraq and Australia apparently are signing a long term agreement for one million tons per year. Of course Iraq has been shopping around in several places and it is a big deal to the Australians as they have been the major supplier over the years." That was until the Oil for Food scandal. On Thursday Chicago May wheat was up 16 ¾ cents at 5-25. May corn up 20 ¾ at 3-85 ¼. Portland soft white wheat any protein steady at 5-45. Maximum 10.5 percent protein 5-55. August new crop higher at 5-20 to 5-32. Club wheat 6-95. Maximum 10.5 percent club wheat 7-05. HRW 11.5 % protein up 15 cents at 6-26. DNS 14% protein up 12 at 7-88. No Portland barley bids. The continued rally on Wall Street Thursday helped cattle futures close higher yesterday. Some traders wonder if prices will be sustainable given the lower to steady cash fed cattle prices on sales so far this week. A rally in the hog complex also helped cattle. April live cattle up 135 at 83-90. April feeders up 85 at 91-20. April Class III milk up 13 cents at 10-70. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.