12/14/06 Wheat higher; cattle mixed

Marketline December 14, 2006 Wheat futures closed higher Wednesday as fund buying at mid-session helped support a strong close. Traders said there wasn't really any news to make the market go up. There had been pressure early in Wednesday's trading from assumptions private forecasters will be releasing bearish acreage estimates for 2007 wheat and corn. Elsewhere in the world Ukraine wheat planted area for 2007 is expected to increase 15 percent from last year. French officials estimate a 1 ½ percent increase in soft wheat planted area. Traders get the weekly export sales report from USDA this morning. There is moisture in the forecast for the U.S. plains next week. On Wednesday Chicago March wheat was up 6 ½ cents at 4-88 ½. March corn down 4 ½ at 3-68 ¼. Portland cash soft white wheat one to three cents higher at mostly 4-90. Club wheat 4-90. HRW 11.5 percent protein four to five cents higher at 4-69. Dark northern spring 14% protein up seven at 5-82. Barley at the coast 181 dollars a ton. Live cattle futures were higher Wednesday with feeders mixed. There was speculative buying. Thoughts in regard to the INS raids at Swift this week now are that other packers may increase kills and Swift may have longer weekend hours. Feb live cattle up 40 cents at 88-85. Jan feeders up 65 at 99-07. Jan Class III milk up seven cents at 13-23. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.