02/05/07 USDA report later this week

Market Line February 5, 2007 On Friday of this week futures traders will get updated supply and demand numbers from USDA. This morning it's the export inspections report. Friday wheat futures were mixed but Chicago contracts were higher getting more of the benefit from a rally in soybeans. Indian officials are projecting India' wheat crop to reach near 74 million tons compared to 69.5 last year when India was a significant importer. Joe Victor of Allendale Incorporated says that in the Ukraine they are disposing of tens of thousands of tons of sprouted wheat in export elevators. Victor: "And now bulldozers are moving out of the buildings into the Black Sea. Needless to say as far as capturing any value out of that wheat, hopefully they have a good fishing season." On Friday Chicago March wheat was up a penny at 4-61 ¼. March corn up four cents at 4-02. Portland cash soft white wheat steady to a penny lower at mostly 5-10. Club wheat 5-10. HRW 11.5 percent protein mixed at 5-62. Dark northern spring 14% protein unchanged to higher at 5-76. Barley at the coast 172 dollars a ton. Friday's USDA Cattle Inventory report was being called friendly. The U.S. cattle herd was pegged at 97 million head, less than a percent increase from 2006 which was revised downward. Beef cow numbers were down and so were beef replacement heifers. Cattle futures were sharply higher Friday on a technical rally with April live cattle up 157 at 94-47. March feeders up 85 at 95-62. March Class III milk down nine cents at 14-26. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.