12/06/06 Aussie wheat crop estimate raised

Marketline December 6, 2006 Wheat futures were lower again Tuesday. Wheat was underpinned though by higher corn and soybeans. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange, says wheat was also helped late in the session by talk of export business. Chiodo: "Japan was looking around for a pretty good quantity of wheat and also a rumor that Iraq was in for 100-thousand tons of wheat also may have given us a little spurt at the end of the day to come back. Funds were pretty good sellers in the wheat pit most of the day and both sides of the other two pits." The Australian government increased its estimate slightly for that nation's drought ravaged wheat crop. Production was pegged at 9.7 million metric tons. Last year's Aussie crop was just over 25 million. On Tuesday Chicago March wheat was down ¾ of a cent at 5-17 ¼. March corn up 2 ½ at 3-78. Portland cash soft white wheat mixed at mostly 4-98. Club wheat 5-08. HRW 11.5 percent protein down two to four cents at 5-84. Dark northern spring 14% protein down two cents at 6-01. Live and feeder cattle futures put up strong gains Tuesday. Contracts were supported by increased packer kill rates and higher boxed beef prices. Prices moved above key chart levels triggering fund buying. Feb live cattle up 145 at 89-57. Jan feeders up 92 at 98-20. Jan Class III milk up 13 cents at 13-09. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.