12/20/06 Corn helps wheat, pressures cattle

Marketline December 20, 2006 Wheat futures were mostly higher Tuesday getting spillover support from corn. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says corn benefited from some export news. Hoops: "Main fundamental news was Taiwan tendering for a cargo of U.S. corn and also tendering for 500-thousand metric tons of Chinese corn with the general thought that China would not be able to fill Taiwan's needs there and they will have to turn to the U.S. for that large of a quantity. Also, even if China was able to fill it would mean that there is less world supplies of corn to compete with U.S. supplies." Also positive for wheat is Japan's weekly tender which is expected to be for 140-thousand metric tons from the U.S., Canada or Australia. On Tuesday Chicago March wheat was up 4 ½ cents at 4-92. March corn up 7 ¼ at 3-73. Portland cash soft white wheat mostly 4-88. Club wheat 4-88. HRW 11.5 percent protein three to four cents higher at mostly 5-67. Dark northern spring 14% protein unchanged to four cents higher at 5-81. Barley at the coast 180 dollars a ton. Cattle futures were lower Tuesday pressured by a late rally in corn. Support came from a building winter storm for the southern Plains cattle feeding region and April live cattle actually hit a new contract high during the session before fund buying dried up. Feb live cattle down 40 cents at 90-07. Jan feeders down a dollar at 99-dollars. Jan Class III milk was unchanged at 13-16. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this..