02/14/07 Outside markets help grain futures

Market Line February 14, 2007 It was called turn around Tuesday in the grain futures pits yesterday. Commentators say that action came with gains in corn and soybeans and the outside markets like oil, metals and a lower U.S. dollar. India's government has banned all wheat exports for the remainder of the calendar year to control local prices and augment supplies. India didn't export any wheat last year. It will begin its new crop harvest in March and April. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says one thing the market is waiting for is USDA's baseline projections coming out late today. There will be USDA guesstimates on planting acreages in that. Chiodo: "Market does seem to be a little bit worried about what they will eventually come up with." On Tuesday Chicago March wheat was up 3 ¼ cents at 4-59. March corn up 6 1 /4 at 4-11. Portland cash soft white wheat a penny higher at mostly 5-26. Club wheat 5-26. August new crop soft white up a nickel at $5. HRW 11.5 percent protein six to 13 cents higher at 5-75. Dark northern spring 14% protein six cents higher at 5-96. Barley at the coast 172 dollars a ton. New crop 145. Cattle futures closed sharply higher Tuesday with many live contracts closing at new highs. Some index fund buying was noted. Fundamentally boxed beef was higher again and traders expect a higher cash fed market this week. April live cattle up 107 at 96-35. March feeders up 112 at 102-22. March Class III milk down eight cents at 14-30. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.