10/29/07 Winter wheat ratings begin this week

Market Line October 29, 2007 Some states have been issuing crop ratings for winter wheat but this afternoon will be the USDA's first national ratings on the 2008 U.S. winter wheat crop. That will come after the futures close. Friday wheat futures closed mostly higher with new crop at the Chicago the strongest. Peter Georgantones of Investment Trading Services in Minnesota says there just wasn't much news. Georgantones: "Just not a lot going on out there. Pakistan has a tender that they have postponed until next month. That was about the only news piece I could seen. They did pop up the back end here. I don't know if they are just doing some bear spreading or just getting some new buying at the back end of the wheat market. It is pretty thin out there. It doesn't take a lot to move that market. I still think you have to sell rallies, but rate for good rallies to put a position on." One commentary suggested concerns about potash availability helped support deferred contracts. On Friday Chicago December wheat was down two cents at $8. July new crop at Chicago up 14 ½ at 6-77. Dec corn up 5 ¾ at 3-72. Portland cash soft white wheat and club wheat steady at mostly 9-50. HRW 11.5 percent protein two to three cents higher at mostly 9-27. Dark northern spring wheat 14% protein up three cents at 9-49. Barley at the coast 245 dollars a ton. Cattle futures were lower Friday. There were a few cash fed sales reported before the close down a dollar from the previous week. Lower live cattle and higher corn pressured feeder contracts. Dec live cattle down 112 at 95-12. Jan feeders down 157 at 108-20. Dec Class III milk up 45 at 17-90. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.