11/21/06 Wheat and cattle futures mixed

Marketline November 21, 2006 Wheat futures were mixed at Chicago Monday and lower at Kansas City and Minneapolis. Corn did help wheat for awhile during Monday's session. Joe Victor of Allendale Incorporated says the driver for corn was news that Argentina had suspended corn exports plus concern over Chinese corn export defaults. Victor: "Essentially what it may look like is China is following Argentina's lead waiting for prices to move higher." Weekly export inspections for wheat at 14.5 million bushels were within trade expectations and called routine. Traders had been hoping for another tender from Egypt but over the weekend Egypt announced a barter deal with Kazakhstan for 120-thousand tons of wheat. There is concern if exports don't pick up USDA will have to reduce its projection in future supply and demand reports. On Monday December Chicago wheat was up a penny at 4-75. December corn up 4 ¾ at 3-60. Portland cash soft white wheat up a penny at mostly 4-94. Club wheat mostly 4-94. HRW 11.5 percent protein down two cents at 5-71. Dark northern spring 14% protein unchanged to a penny lower at 5-86. Cattle futures were mixed Monday. Deferred live cattle got support from the drop in placements in Friday's Cattle on Feed report while lower cutout values were negative for nearby contracts. Feeders were again under pressure from higher corn. Dec live cattle down 15 cents at 87-42. Jan feeders down 70 at 97-67. Dec Class III milk down seven cents at 13-80. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.