11/28/06 Lower wheat and cattle futures

Marketline November 28, 2006 Thin trading last Friday had wheat futures posting strong gains but most of that was given back Monday as contracts posted losses. Wheat futures were higher early in the session so the lower close has some commentators saying there could be more technical selling today. There wasn't much fundamental news Monday. Wheat export inspections came in at the low end of trade expectations. A lower dollar is seen as supportive to wheat. After the close USDA's weekly crop progress did show a drop in winter wheat condition ratings. Details from USDA meteorologist Brad Rippey. Rippey: "The percentage of the crop rated good to excellent now 53% on November 26th. That's down from 57% a week ago. Still holding on a little ahead of last year at this time, 52%." On Monday March Chicago wheat was down a nickel at 5-14. March corn up 2 ¼ at 3-88 ¼. Portland cash soft white wheat steady to four cents higher but mostly 4-93. Club wheat mostly 4-93. HRW 11.5 percent protein six to eight cents higher at 5-80. Dark northern spring 14% protein mixed at 5-92. Cattle futures were lower Monday with feeders getting pressure from higher corn. There were thoughts cold weather may mean feedlots will send more cattle to market this week rather than experience reduced weight gain. Feb live cattle down 72 cents at 89-62. Jan feeders down 87 at 97-62. Jan Class III milk up a nickel at 13-52. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.