02/27/07 Mixed wheat futures; cattle higher

Market Line February 27, 2007 Wheat futures were mixed Monday with Chicago the weakest market. Wheat had followed corn higher early in the session and when corn backed off on profit taking so did Chicago wheat. Brian Hoops at Midwest Market Solutions in Yankton, South Dakota it was a big outside day for Chicago. Hoops: "Did a lot of technical damage from the standpoint we made new highs and then turned the market lower and made some new lows late in the day." Weekly export inspections were friendly coming in just above trade expectations at 23.1 million bushels but over the weekend Egypt purchased 134-thousand tons of Russian wheat and none from the U.S. Friendly to Minneapolis was an analysis from the Canadian Wheat Board that Canadian wheat production could be down this year from last. On Monday Chicago May wheat was down 2 ½ cents at 4-96. May corn down 4 ¾ at 4-25 ½. Portland cash soft white wheat two to four cents higher at mostly 5-52. Club wheat 5-52. August new crop soft white lower at 5-18. HRW 11.5 percent protein mixed at 5-92. Dark northern spring 14% protein unchanged to higher at 6-08. Barley at the coast 172 dollars a ton. August 148. Cattle futures posted gains Monday with all live cattle contracts hitting new highs. Friday's Cattle on Feed report was cited as bullish with its lower feedlot inventory and reduced placements during January. April live cattle up 112 at 97-30. April feeders up 187 at 103-80. April Class III milk down 16 cents at 14-56. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.