11/08/06 Awaiting USDA; corn hard on feeders

Marketline November 8, 2006 Wheat futures were mixed Tuesday. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota, says traders were focused on this week's USDA reports and China. Georgantones: "The market is waiting for the report Thursday to five the market a little more direction but the Chinese not getting a whole lot of rain right now, we are going to hold values pretty well. They have some drought areas there and it is affecting the price of wheat right now. It would be nice to get some more business in here but the market is on pretty solid footing." There is some concern by traders that USDA will boost U.S. wheat ending stocks in tomorrow's report because of the slow pace of exports. On Tuesday December Chicago wheat was down a penny at 4-97. December corn up 7 ½ at 3-51. Portland cash soft white wheat steady to a penny lower at mostly 4-97. Club wheat 5-12. HRW 11.5 percent protein one to four cents lower at 5-72. Dark northern spring 14% protein mixed at 5-95. Feeder cattle futures hit more new lows Tuesday because of those higher corn futures and live cattle ended the day mixed as December longs moved into deferred months. Cash fed cattle were quiet but the expectation is for dollar lower prices this week. Dec live cattle down 25 cents at 85-30. Jan feeders down 137 at 94-95. Dec Class III milk up 33 cents at 13-37. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.