08/29/06 Wheat and cattle futures higher

Marketline August 29, 2006 Wheat futures were higher Monday led by Chicago on both technical and fundamental factors. Moisture in Europe continues concerns about the quality of the crop there while in the southern hemisphere it's dryness that's a problem. Peter Georgantones of Investment Trading Services in Bloomington Minnesota, says that has traders anticipating increased demand for U.S. wheat. Georgantones: "Everybody thinks some of these countries are going to be sniffing around for some of our wheat here because they are dry in Australia. They continue not to get rain. We are dry in Argentina right now. That has been a disappointment to their plantings. So everybody kind of thought we might be in a position to begin accumulating a little business. I think it is coming and the market is just waiting for that." On Monday December Chicago wheat was up six cents at 4-04 ¼. December corn down ¾ at 2-41. Portland cash soft white wheat one to two cents lower at mostly 3-97. Club wheat 4-27. HRW 11.5 percent protein three to nine cents higher at 5-30. Dark northern spring 14% protein three to four cents higher at 5-39. No Portland barley bids. Stronger than expected cash fed cattle last Friday helped cattle futures close higher Monday. Cash cattle jumped two to two-and-a-half dollars. Many contracts set new highs. Oct live cattle up 32 cents at 92-50. Oct feeders up 35 at 117-63. Oct Class III milk up a penny at 12-91. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.