12/15/06 Friendly acreage and exports for wheat

Marketline December 15, 2006 Wheat futures were higher Thursday getting support from an Informa Economics estimate of U.S. winter wheat plantings at 44 million acres. That would be up 8.4 percent from 2006 but is less than the trade had anticipated. Weekly export sales were also viewed by some as supportive as they came in at the upper end of expectations at 471-thousand tons. White wheat sales and shipments are running ahead of a year ago at this time. Higher corn was also seen as helping wheat futures yesterday. On Thursday Chicago March wheat was up three cents at 4-91 1/2. March corn up 3 ½ at 3-71 ¾. Portland cash soft white wheat one to three cents higher but mostly 4-92. Club wheat 4-92. HRW 11.5 percent protein one to three cents higher at 5-72. Dark northern spring 14% protein up two cents at 5-84. Barley at the coast 182 dollars a ton. Cattle futures were lower Thursday getting pressure from reports of lower fed cash cattle prices, higher corn and a late break in lean hog futures. There is still some concern about reduced capacity at Swift plants in the wake of the INS raids earlier this week but all its plants have been operating. USDA reported cattle slaughter yesterday down six thousand head compared to last week. Feb live cattle down 52 cents at 88-32. Jan feeders down 167 at 97-40. Jan Class III milk down eight cents at 13-15. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.