08/14/07 Wheat and cattle futures mostly higher

Market Line August 14, 2007 With the exception of nearby contracts at Chicago and Minneapolis, wheat futures closed higher Monday. USDA's weekly export inspections report for wheat was friendly coming in above trade expectations at 24.4 million bushels. However, Peter Georgantones of Investment Trading Services in Bloomington, Minnesota says other export news over the weekend was construed by some to be negative. Georgantones: "Over the weekend Egypt bought some Russian wheat. That is the second time they have done that in a row. So our market gets confused and doesn't know how to treat that. Treats it as being bearish. Sold off a little bit. Smells to me like we have a wheat correction coming here." Egypt was tendering again lastnite. USDA reports that 97 percent of the U.S. winter wheat crop has been harvested, 51 percent of the spring wheat crop. On Monday Chicago Sept wheat was down a half cent at 6-66 ½. Sept corn down two at 3-31. Portland cash soft white wheat steady to four cents lower at mostly 6-73. Club wheat 6-83. HRW 11.5 percent protein unchanged at 7-09. Dark northern spring wheat 14% protein two to three cents lower at 7-17. Barley at the coast 176 dollars a ton. Cattle futures were higher Monday getting strength on short covering and cash speculation for this week after boxed beef showed higher prices at mid-day. Oct live cattle up 50 cents at 95-05. Oct feeders up 57 at 115-87. Sept Class III milk down nine cents at 19-59. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.