11/09/06 USDA report day

Marketline November 9, 2006 Wheat futures were solidly higher Wednesday. Speculative buying fueled by the run in corn pushed wheat higher. Dryness in Chinese winter wheat areas continues to be supportive as well. USDA's monthly crop production and supply and demand reports will be out this morning and Peter Georgantones of Investment Trading Services in Bloomington, Minnesota says the main focus will be on the row crops. Georgantones: "Not many numbers wheat wise to go through. Mostly corn and soybean related. About a sixty million bushel increase in the soybean production from last month and corn about a 75 million decrease from last month. So those numbers might give us a little direction and we will go from there." Those numbers are report expectations. India did announce it will not allow private traders to import wheat duty free after December 31st and that it may well have a record wheat crop in 2007. On Wednesday December Chicago wheat was up seven cents at 5-04. December corn up 6 ¾ at 3-57 ¾. Portland cash soft white wheat two to four cents higher at mostly 5-01. Club wheat 5-16. HRW 11.5 percent protein seven to 12-cents higher at 5-79. Dark northern spring 14% protein up four cents at 6-01. Cattle futures closed mixed Wednesday. Live contracts were mainly higher though they had been down during the session on news Japan suspended imports from one U.S. beef plant because of unauthorized material in a shipment of beef. Feeders managed to close mixed despite higher corn. Dec live cattle up 15 cents at 85-45. Jan feeders down 25 at 94-70. Dec Class III milk up 23 cents at 13-60. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.