12/27/06 Wheat futures higher; cattle mixed

Marketline December 26, 2006 Wheat futures closed higher Tuesday in the first post-Christmas holiday trading session. A surge higher in other grains and follow through technical buying after positive technical action last week supported gains made early in the session though closes were off the day's highs. Wheat export inspections were disappointing at only 13.6 million bushels. Joe Victor of Allendale Incorporated, says the main item in the news stream was the condition of the wheat crop in the Ukraine. Victor: "Ninety percent of the crop in satisfactory to good condition. That is a far step ahead of last year at this time when dry weather conditions not only hurt the amount of acres planted but also hurt quality. Ukraine is expecting at least at 12.7% gain in acres planted this fall versus year ago level." On Tuesday Chicago March wheat was up 2 ¾ cents at 5-16 ¾. March corn up four at 3-88. Portland cash soft white wheat two to five cents higher at mostly 4-98. Club wheat 4-98. HRW 11.5 percent protein up two cents at 5-85. Dark northern spring 14% protein up three cents at 5-97. Barley at the coast for January 176 dollars a ton. Live cattle futures were higher Tuesday, feeder contracts lower. Live contracts got support from higher than expected marketings in the USDA Cattle on Feed Report issued last Friday. Feb live cattle up 27 cents at 90-10. March feeders down 22 at 94-27. Feb Class III milk up three cents at 13-20. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.