10/04/07 Wheat futures back to positive; cattle still down

Market Line October 4 , 2007 Wheat futures showed some recovery Wednesday from Tuesday's mostly limit down losses. Exporters reported the sale of 290-thousand tons of U.S. hard red winter and spring wheat to unknown destinations. Joe Victor of Allendale Incorporated points out that some of that was for this marketing year and some for the 2008-2009 marketing year. Victor: "Here is an example of foreign countries suggesting that it will take more than a year to recover the low, low stocks that we have, one hundred twelve million metric tons for the world. That is the lowest on record dating back to 1980." Two items traders will react to today are the weekly export sales report from USDA and Stats Canada's October crop production report. Forecasts say an inch of rain could hit Southeast Australia this weekend. On Wednesday Chicago December wheat was up 4 ½ cents at 9-27. Chicago July 08 wheat up 8 ½ at 6-72 ½. Dec corn down 4 ¼ at 3-44 ½. Portland cash soft white wheat and club wheat steady at mostly 10-40. HRW 11.5 percent protein 8-15 cents higher at 9-93. Dark northern spring wheat 14% protein 16-19 higher at 9-89. Barley at the coast 305 dollars a ton. Cattle futures were lower again Wednesday. Use of contract cattle by packers were said to have pressured futures as well as concerns about plenty of competition for beef this fall from pork and poultry. Dec live cattle down 57 cents at 97-40. Nov feeders down 97 at 114-70. Nov Class III milk down 28 cents at 17-24. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.