09/25/07 Wheat higher as fundamentals remain good; cattle up too

Market Line September 25, 2007 Wheat futures were higher Monday though they closed off the day's highs. Chicago closing below the day's opening is seen as a bearish technical development. However, fundamentally Australia will remain mostly dry this week with just some scattered rain. Weekly export inspections were well above trade expectations at over 41 million bushels. And Iraq is tendering for at least 50-thousand tons of hard wheat. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says USDA numbers show U.S. winter wheat planting running behind average but that doesn't surprise him. Hoops: "Planting progress for August below the average,27 percent done. It is going to take us a little longer because we are going to plant more wheat acres this year." On Monday Chicago December wheat was up 3 ¾ cents at 8-77 ¾. Dec corn down three at 3-73 ½. Portland cash soft white wheat 15-20 cents higher at mostly 9-20 with some exporters not issuing bids. Club wheat 9-20. No red wheat bids at Portland. Barley at the coast 265 dollars a ton. Cattle futures closed higher Monday and there was talk the market could see profit taking today. Higher cash fed cattle last Friday and better boxed beef Monday along with Friday's Cattle on Feed report were positive for futures contracts. Oct live cattle up 95 cents at 97-65. Oct feeders up a nickel at 116-25. Oct Class III milk up 14 cents at 18-40. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.