01/24/07 State of Union and exports help grains

Market Line January 24, 2007 Wheat futures posted some double digit gains Tuesday. One factor commentators mentioned was trader anticipation of the President talking about renewable fuels in his State of Union Address lastnite. Brian Hoops of Midwest Market Solutions, says some export news was also positive for wheat futures. Hoops: "As Morocco is tendering for 85-thousand tons of U.S. durum wheat. Japan is tendering for 70-thousand of U.S. wheat. South Korea did buy 107-thousand metric tons of feed wheat from China and Tunesia bought 117-thousand tons of milling wheat. All that export news gave the bears a reason to get out of some of their bear spreads and so that gave us strength in the wheat prices." Of course over the past weekend Egypt did buy one cargo of U.S. wheat as well. On Tuesday Chicago March wheat was up 15 ¼ at 4-80 ¼. March corn up 4 ¾ at 4-09. Portland cash soft white wheat two to five cents higher at mostly 5-02. Club wheat 5-02. HRW 11.5 percent protein 14-18 cents higher at 5-76. Dark northern spring 14% protein 11-12 cents higher at 5-84. Barley at the coast 170 dollars a ton. Live cattle futures closed lower Tuesday pressured by lower cash prices, milder weather forecasts and traders pushing futures back in line with the cash market. Feeder contracts posted some gains supported by discounts to the latest CME Feeder Index quote. Feb live cattle down 67 cents at 89-57. March feeders up 15 at 92-52. Feb Class III milk up seven cents at 13-73. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.