12/04/06 Little news for wheat; cattle lower

Marketline December 4, 2006 Wheat futures closed lower Friday though they were up on the week. Lower corn and beans put some pressure on wheat and there was some profit taking heading into the weekend. Some traders noted a general lack of news for wheat particularly with winter wheat headed into dormancy. Ryan Kilbrantz of ADM at the Minneapolis Grain Exchange says the U.S. Plains has been getting some moisture. Checking overseas and China; Kilbrantz: "The Chinese wheat areas do remain dry. They are expecting parts of the north China plain to see a little bit of moisture but the majority of the belt still lacks moisture." The Agriculture Ministry in India reported wheat plantings there in October and November reached 15.4 million hectares as compared to 14 million last year. USDA's weekly export inspections report will be out this morning. On Friday Chicago March wheat was down ¾ of a cent at 5-20 ¾. March corn down 3 ½ at 3-87. Portland cash soft white wheat steady to a penny lower at mostly 4-98. Club wheat 4-98. HRW 11.5 percent protein down four cents at 5-94. Dark northern spring 14% protein down three cents at 6-08. Cattle futures were mostly lower Friday. A lower live cash trade pressured futures. Feeder traders ignored lower corn futures. Feb live cattle unchanged at 89-10. Jan feeders down 90 cents at 96-97. Jan Class III milk down 20 cents at 13-03. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.