03/06/07 Wheat futures up; cattle contracts down

Market Line March 6, 2007 Wheat futures were lower part of the day Monday but managed to close higher. Joe Victor of Allendale Incorporated says it was corn that helped wheat. Victor: "Strong comeback for the grain after a miserable opening we had what appeared to be the 4th consecutive day of big commercial buying, principally in the corn market. Of course as corn goes so goes the rest of dominoes behind it. Most importantly not only that commercial buying but strong exports for corn, over 51 million bushel." The weekly export inspection report for wheat was disappointing at only 18.4 million bushels. A couple of other items in the new stream were cold weather for the winter wheat in China and an Indian official saying his country wouldn't hesitate to import wheat this year if the government fails to purchase enough from farmers for buffer stocks. On Monday Chicago May wheat was up seven cents at 4-80 ¾. May corn up 5 ¾ at 4-26 ¾. Portland cash soft white wheat was mixed at mostly 5-42. Club wheat 5-42. August new crop soft white unchanged to up a nickel at 5-05. HRW 11.5 percent protein four to five cents higher at 5-92. Dark northern spring 14% protein up three cents at $6. Barley at the coast 170 dollars a ton. August at 151. Cattle futures were lower Monday on some profit taking and pressure from outside markets. April live cattle down 30 cents at 97-35. April feeders down 20 at 105-32. April Class III milk up a nickel at 14-40. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.