08/28/07 Wheat futures lower; cattle mixed

Market Line August 28, 2007 Analysts say any unexpected grain demand would give the wheat market direction today. Monday wheat futures were mostly lower on what some called profit taking and an overbought condition. Joe Victor of Allendale Incorporated says weakness in corn was also bearish for wheat. Victor: "Apparently the general consensus is that early harvest reports are coming in a little better than what farmers had anticipated. That is at least the perception of the floor trade." Victor says Bangladesh didn't get any bids on its wheat tender and says it will re-tender for 50-thousand metric tons. He says Egypt could come back in for some more hard red spring wheat. Weekly export inspections for wheat came in at 34.9 million bushels as compared to 32-38 million the trade expected. On Monday Chicago December wheat was down four cents at 7-38. Dec corn down 5 ¾ at 3-53. Portland cash soft white wheat was mixed at mostly 7-20. Club wheat 7-22. HRW 11.5 percent protein one to six cents lower at 7-31. Dark northern spring wheat 14% protein six to eight cents higher at 7-40. Barley at the coast 210 dollars a ton. Live cattle futures were mixed Monday with feeder contracts firm and some posting new highs. Futures premium to cash and August contract expiration brought light liquidation in the front live cattle contract. Lower corn helped feeders along with some contract spreading. Oct live cattle up seven cents at 97-75. Oct feeders up 57 at 118-87. Oct Class III milk up three cents at 19-79. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.