02/06/07 A weak close for wheat futures

Market Line February 6, 2007 Wheat futures lost a few cents Monday. This despite a weekly export inspection report that came in above trade expectations at 23 million bushels. Wheat had followed soybeans higher in early trading but when beans fell back so did wheat. Then when soybeans came back late there was little interest in wheat. Commentators called it a weak close and a negative development for wheat futures. On Monday Chicago March wheat was down 2 ¾ cents at 2-58 ½. March corn unchanged at 4-02. Portland cash soft white wheat continues to be strong despite the weak futures market. Bids were two to three cents higher at mostly 5-14. Club wheat 5-14. HRW 11.5 percent protein lower at 5-65. Dark northern spring 14% protein one to three cents lower at 5-75. Barley at the coast 172 dollars a ton. Cattle futures were higher Monday with some new contract highs set during the session though not the close. Higher boxed beef prices as well as cash fed cattle sales last Friday at 89 dollars helped live contracts. USDA's Cattle Inventory report was also taken as bullish as it revised downward numbers from last year and showed a slower beef herd expansion. April live cattle up 85 cents at 95-32. March feeders up 162 at 97-25. March Class III milk unchanged at 14-26. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.