11/29/06 Wheat and cattle futures mixed

Marketline 2006 Wheat futures were mixed Tuesday with Chicago the weakest market. There was follow through selling from Monday's week action and disappointing export inspections. USDA dropped the weekly ratings for the winter wheat crop but that was more than offset by more rain for the central and southern U.S. Plains. Ryan Kilbrantz of ADM at the Minneapolis Grain Exchange says there's been some improvement in China too. Kilbrantz: "Conditions in China improved with some recent rains. We are also seeing dry conditions coming in a little later this week. They are talking about ten percent coverage but cooler temperatures are expected in parts of the Chinese Plain." The Cole Commission report on allegations of kickbacks to Iraq by the Australian Wheat Board has been issued and USDA Secretary Mike Johanns says that in the wake of that report USDA will resume actions to prohibit the Wheat Board from using USDA export credit programs. The Australian Wheat Board has not participated in those programs since fiscal year 2004. On Tuesday March Chicago wheat was down six cents at 5-08. March corn down 3 ½ at 3-84 ¾. Portland cash soft white wheat was called steady at mostly 4-91 with limited bids. Club wheat mostly 5-01. HRW 11.5 percent protein unchanged to down two cents at 5-79. Dark northern spring 14% protein one to five cents higher at 5-98. Live cattle futures were lower Tuesday amid concerns over the strength of the cash market. Feeder contracts got support from lower corn. Feb live cattle down 15 cents at 89-47. Jan feeders up 95 at 98-57. Jan Class III milk up a penny at 13-53. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.