10/05/07 Wheat futures tumble; cattle higher

Market Line October 5, 2007 Wheat futures at Chicago and Kansas City saw mostly double digit losses Thursday with Minneapolis contracts a few cents lower. Profit taking was cited in what was described as light volume trading. Stat's Canada had a slightly higher estimate of Canada's wheat crop than anticipated. Joe Victor of Allendale Incorporated says the weekly export sales were firm in the report yesterday. Victor: "Managed to chip away at the amount needed on a weekly basis to in order to reach USDA's 1.1 billion bushel mark. Not only on the sales but shipments as well. So we have about 64-65% of the marketing year left and the good news is that 80% of that commitment has already been met by the wheat sector." On Thursday Chicago December wheat was down 21 cents at 9-06. Chicago July 08 wheat up 6 ½ at 6-79. Dec corn down 2 ¼ at 3-42 ¼. Portland cash soft white wheat and club wheat up a nickel to down a nickel at mostly 10-30. HRW 11.5 percent protein 14-17 cents lower at 9-82. Dark northern spring wheat 14% protein down three to up six cents at 9-91. Barley at the coast 295 dollars a ton. Cattle futures posted modest gains Thursday. Live cattle saw short covering and fund buying. Feeders followed helped also by feed grain weakness. Dec live cattle up 45 cents at 97-85. Nov feeders up 35 at 115-05. Nov Class III milk up 23 cents at 17-57. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.