12/13/06 Immigration raids impact cattle futures

Marketline December 13, 2006 Raids by federal officials at six Swift packing plants were bearish for cattle futures Tuesday. Traders said the raids were negative due to possible disruptions and the potential for cattle to back up. The raids were reported to be part of an investigation into an identity theft scheme in which illegal immigrants may have used stolen Social Security numbers to get jobs. Some cash fed cattle sales a dollar lower than last week were also bearish. Feb live cattle down 65 cents at 88-45. Jan feeders down 120 at 98-42. Jan Class III milk up eight cents at 13-16. Wheat futures were lower Tuesday. Weakness in soybeans and a set-back in corn triggered late selling pressure. Some commentary notes that the lowest close since October 6th at Chicago leaves the market vulnerable to more long liquidation selling. There was some support from a warmer and drier trend for the central and southern plains the next several days but longer term there is the possibility of widespread moisture. One analyst said it is hard to support wheat prices without fresh export news and in the absence of other fundamental issues the market is taking the path of least resistance and that's lower. On Tuesday, Chicago March wheat was down eight cents at 4-82. March corn up two at 3-72 ¾. Portland cash soft white wheat held steady at mostly 4-90. Club wheat 4-90. HRW 11.5 percent protein down a nickel at 5-65. Dark northern spring 14% protein down three cents at 5-75. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.