01/26/07 Higher wheat and cattle futures

Market Line January 26, 2007 Wheat futures were under pressure early in Thursday's session due in part to an export sales report that was disappointing, only 246-thousand metric tons compared to expectations of from 400-thousand to 550-thousand. Even so Brian Hoops of Midwest Market Solutions says wheat futures managed to close higher. Hoops: "We took out some key chart support in the wheat but with the higher corn prices wheat was able to rebound closing about 2 ¾ higher in Chicago, 7 ¼ higher in Kansas City and two higher in Minneapolis." The International Grains Council is indicating that world wheat planted area for the 2007 crop is probably up by 3.5 percent. The Council pegs world wheat production at 621 million metric tons, up 5.4 percent from last year. On Thursday Chicago March wheat was up 2 ¾ cents at 4-68 ¾. March corn up 6 ¼ at 4-07. Portland cash soft white wheat one to three cents higher at mostly 5-07. Club wheat 5-07. HRW 11.5 percent protein five to seven cents higher at 5-69. Dark northern spring 14% protein two to three cents higher at 5-78. Barley at the coast 171 dollars a ton. Cattle futures were higher Thursday with traders evening up positions ahead of this afternoon's Cattle on Feed Report. The market expects to hear December placements were down. Feb live cattle up 27 cents at 90-12. March feeders up 60 at 94-30. Feb Class III milk up 32 cents at 14-05. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.