11/30/06 A bounce for wheat futures; cattle lower

Marketline November 30, 2006 Wheat futures posted modest gains Wednesday on a late rally after being lower early in the session. This is first notice day on December contract deliveries which created the volatility yesterday. Ryan Kilbrantz of ADM at the Minneapolis Grain Exchange says traders will get USDA's weekly export sales report this morning. Kilbrantz: "We are thinking 300-500 thousand metric tons. That should dictate Thursday's calls. Outside markets will also influential in Minneapolis and then expect heavy deliveries here in Minneapolis and Chicago is expecting heavy deliveries as well." Jordan is issuing a tender for 50-thousand tons of hard red wheat and Bangladesh is expected to tender for optional origin wheat as well. Agronomists in the Midwest report soft red winter wheat growers couldn't get all the wheat seeded they wanted to this fall because of wet weather conditions. On Wednesday Chicago March wheat was up 3 1/2 cents at 5-11 ½. March corn up a half at 3-85 ¼. Portland cash soft white wheat for December steady to two cents lower at mostly 4-97. Club wheat also 4-97. HRW 11.5 percent protein 5-89. Dark northern spring 14% protein 6-02. Cattle futures were lower Wednesday on expectations of reduced kill rates by packers amid negative profit margins. Lower trending charts also had funds selling. Losses in feeders were tempered by mixed corn prices. Feb live cattle down 107 at 88-40. Jan feeders down 62 cents at 97-95. Jan Class III milk down 16 cents at 13-37. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.