02/15/07 Wheat futures lower; cattle mixed

Market Line February 15, 2007 Futures traders get the weekly USDA export sales report this morning but not much is expected for wheat. Yesterday wheat futures were lower following corn and soybeans. Good precipitation across the plains and a bearish supply outlook for winter wheat added pressure. Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says traders are also throwing in the towel on the wheat/corn spread. Chiodo: "Some folks got into that thing a little while back. It has not moved, in fact gone the other way on them a little bit. Come closer together. So they have basically been throwing the towel in this week and getting out of it. Although from what I am hearing there is a fair amount of wheat being fed down in the southeast. They would feed it in the southwest if they had the bushels." The market will have a three-day weekend coming up. On Wednesday Chicago March wheat was down eight cents at 4-51. March corn down 2 ¾ at 4-08 ¼. Portland cash soft white wheat was steady to three cents lower at mostly 5-25. Club wheat 5-25. New crop August soft white down a nickel at 4-95. HRW 11.5 percent protein nine to ten cents lower at 5-66. Dark northern spring 14% protein three to six lower at 5-90. Barley at the coast 172 dollars a ton. August 145. Live cattle futures were lower Wednesday with feeder contracts higher. Live cattle set some new highs during the session on index fund buying but then the commercials sold. Feeders got help from lower corn. April live cattle down seven cents at 96-27. March feeders up seven at 100-dollars 80-cents. March Class III milk up two cents at 14-32. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.