02/02/07 Wheat and Cattle futures lower

Market Line February 2, 2007 Wheat futures were mostly lower Thursday with Chicago posting the largest losses. Profit taking was cited. There had been a weather premium building due to expected cold temperatures in the soft red winter wheat belt for next week. Weekly export sales for wheat came in within trade expectations at 560,500 metric tons. Joe Victor of Allendale Incorporated told us earlier in the week about dryness in parts of India. Victor says that could be changing. Victor: "Big rains for the central and north central region of India beginning on the 9th. We will have to monitor that on a daily basis to see if in fact it looks as though India may have a shot at having at least a decent wheat crop this year." On Thursday Chicago March wheat was down 7 ¼ cents at 4-60 ¼. March corn down six at 3-98. Despite the lower futures Portland cash soft white wheat was two to five cents higher at mostly 5-10. Club wheat 5-10. HRW 11.5 percent protein down at penny at 5-63. Dark northern spring 14% protein mixed at 5-76. Barley at the coast 172 dollars a per ton. Cattle futures were lower Thursday with the lack cash fed cattle trading cited as a main factor. USDA issues its annual cattle inventory report this afternoon which is expected to show a slight increase in cattle numbers. In the futures yesterday, April live cattle down 27 cents at 92-90. March feeders down 107 at 94-77. March Class III milk up 17 cents at 14-35. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.