01/30/07 Watching India`s wheat weather

Market Line January 30, 2007 Wheat futures ended the day lower Monday. Export inspections for wheat were at the low end of expectations. Even news of an Egyptian purchase of a cargo of U.S. soft red winter wheat did not help. USDA also reported a sale of white wheat for the 2007-2008 marketing year of 110-thousand tons to unknown destinations. Commentators said Monday's action was technical in nature. Joe Victor of Allendale Incorporated says they are keeping an eye on India's wheat crop. Victor: "Only 40% of that crop is irrigated. They have really struggled. They are will within the reproductive phase of their winter wheat crop. They have had virtually no rain the past three weeks. Only some light scattered showers over the weekend. And of course now the two-week forecast for India is bullish to wheat futures as it suggest very little if any rain on the way during that reproductive phase." On Monday Chicago March wheat was down seven cents at 4-56 ½. March corn down 5 ½ at $4. Portland cash soft white wheat were mixed and mostly 5-07. Club wheat 5-07. HRW 11.5 percent protein seven to ten cents lower at 5-53. Dark northern spring 14% protein down seven cents at 5-66. Barley at the coast 171 dollars a ton. Lower corn helped feeder futures rally Monday while most live cattle contracts closed lower. Some traders said Friday's Cattle on Feed report had little market impact while some commentators said higher placements than expected and lower marketings were negative for deferred live contracts. April live cattle down 17 cents at 93-40. March feeders up 130 at 95-40. March Class III milk down 30 cents at 14-20. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.