01/25/07 Wheat futures give back gains

Market Line January 25, 2007 Most of the big gains wheat futures saw Tuesday were given back Wednesday. Wheat futures followed other grains lower on the heels of the President's State of the Union Address. Brian Hoops of Midwest Market Solutions says the President had good things to say about biofuels; Hoops: "But it wasn't anything really new to the trade or anything unexpected so we saw the buy the rumor sell the fact sort of trade." Adding further to the pressure is the crop friendly precipitation the U.S. hard red winter wheat growing areas have been receiving. Today traders get the weekly export sales report. Expectations are for 400-thousand to 550-thousand metric tons of wheat. On Wednesday Chicago March wheat was down 14 ¼ cents at 4-66. March corn down 8 ¼ at 4-00 ¾. Portland cash soft white wheat was steady to four cents higher at mostly 5-04. Club wheat 5-04. HRW 11.5 percent protein down 14 cents at 5-62. Dark northern spring 14% protein down 11 cents at 5-76. Barley at the coast 170 dollars a ton. Lower feed grains helped cattle futures closed higher Wednesday but traders are generally awaiting for the cash fed market to trade and for Friday's Cattle on Feed report from USDA. Feb live cattle up 27 cents at 89-85. March feeders up 117 at 93-70. Feb Class III milk unchanged at 13-73. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.