10/19/07 Wheat and cattle futures both higher

Market Line October 19, 2007 For the first time in several days wheat futures closed higher Thursday. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchanges thinks wheat would have been lower except for spillover support from the other grains. Weekly export sales were within trade expectations and the U.S. did sell Egypt some soft wheat. So did Russia. New lows for the U.S. dollar could help exports and Chiodo is keeping an eye on them. Chiodo: "We could land something here and that could give wheat a little bit of a boost as people could see we are back at active sales in the wheat again." USDA's chief economist told the House Ag Committee Thursday planted acres could increase by 3.5 million for 2008. On Thursday Chicago December wheat was up a nickel at 8-25 ½. July new crop at Chicago up 11 ¼ at 6-75 ½. Dec corn up 9 ¼ at 3-67 ¼. The Marketing News Service says most exporters were not offering bids on nearby soft white or club wheat Thursday due to ample pipeline supplies and port congestion. December was bid at 9-95. HRW 11.5 percent protein six to seven cents higher at 9-36. Dark northern spring wheat 14% protein 4-6 higher at 9-60. Barley at the coast 273 dollars a ton. Cattle futures were firm Thursday. There was light short covering and position squaring ahead of this afternoon's Cattle on Feed report. Dec live cattle up 42 cents 97-70. Nov feeders up 15 at 112-22. Nov Class III milk up 20 cents at 17-80. USDA reported Thursday that milk production in the 23 major states during September was up 3.1 percent from September of 2006. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.