02/13/07 Little interest in wheat futures

Market Line February 13, 2007 Wheat futures were lower Monday. The weekly export inspection report was disappointing coming in under trade expectations at only 13.1 million bushels. Also bearish was improving moisture for the southern Plains and also cooler weather and rain for key growing areas in India. There was weakness in outside markets like oil and metals which also spilled over to pressure wheat. Chicago broke under its 200-day moving average which is a bearish technical development. On Monday Chicago March wheat was down 4 ½ cents at 4-55 ¾. March corn down 1 ½ at 4-04 ¾. Limited country selling and moderate to good exporter demand in order to meet vessel commitments were supportive to Portland soft white wheat bids which were steady to a penny higher at mostly 5-25. Club wheat 5-25. New crop August white wheat lower at 4-95. HRW 11.5 percent protein down three cents at 5-67. Dark northern spring 14% protein down a nickel at 5-90. Barley at the coast 172 a ton. New crop 145. Cattle futures were higher Monday getting support from another winter storm forecast for the Plains, higher cash fed cattle last week, 91 dollars a hundredweight, and higher boxed beef values. Lower corn helped feeders. April live cattle up 47 cents at 95-27. March feeders up 72 at 99-50. March Class III milk down 17 cents at 14-38. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.