10/30/07 Wheat and cattle futures higher

Market Line October 30, 2007 Wheat futures saw near limit up gains Monday. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says demand may be picking up following the price drop in wheat this month. Hoops: "With Turkey tendering for 300-thousand tons of milling wheat and India is also rumored to be tendering for one million metric tons. Over the weekend we saw Egypt purchase wheat, 190-thousand metric tons from Russia." Continued talks of poor yields in Australia added to wheat's positive tone. USDA says 88 percent of the U.S. winter wheat crop has been planted, two percent behind the average pace for now. The crop is rated 55 percent good to excellent, down slightly from last year at this time when it was 60 percent good to excellent. On Monday Chicago December wheat was up 28 ½ cents at 8-28 ½. July new crop at Chicago up 14 ¼ at 6-91 ¼. Dec corn up four at 3-76. Portland cash soft white wheat for November up a nickel at 9-60 to 9-65. No club wheat bids. HRW 11.5 percent protein 26-27 cents higher at 9-53. Dark northern spring wheat 14% protein 27-31 higher at 9-76. Barley at the coast 247 dollars a ton. Cattle futures closed higher Monday on short covering and forward spreading. There were thoughts Friday's drop was overdone. Weakness in cash continues to overhang the market. Dec live cattle up 22 cents at 95-35. Jan feeders up 70 at 108-90. Dec Class III milk down 18 cents at 17-72. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.