01/17/07 Fundamentals pressure wheat

Marketline January 17, 2007 Wheat futures got some early help from limit up moves in corn Tuesday, but when corn's gains were trimmed wheat futures couldn't hold up and closed sharply lower. One negative for wheat has been the moisture the Plains has been getting and USDA meteorologist Brad Rippey says cold weather hasn't meant any big problems. Rippey: "Pretty good snow cover for winter wheat on the Plains. A few bare spots up in the northern Plains that were a little bit of a concern as temperatures late last week dropped into the minus ten to 20 range. But for the most part winter grains should survive this unscathed without any significant problems." Weekly export inspections for wheat were within trade expectations at 15.9 million bushels, which was down from last week. Pakistan is offering 450-thousand tons of wheat for export this week. On Tuesday Chicago March wheat was down 15 ½ cents at 4-64. March corn up 6 ½ at 4-03. Portland cash soft white wheat was mixed from two cents lower to eight cents higher at mostly 4-97. Club wheat 4-97. HRW 11.5 percent protein down 11-13 cents at 5-57. Dark northern spring 14% protein down 12-15 at 5-69. Barley at the coast 173 dollars a ton. Live cattle futures were mostly higher Tuesday benefiting from winter storms that are seen disrupting marketing and reducing cattle performance. Higher boxed beef also helped. Feeder got pressure from what was sharply higher corn in early trading. Feb live cattle up 47 cents at 92-27. March feeders down 37 at 92-57. Feb Class III milk down a dime at 13-53. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.