10/31/07 Wheat futures down; cattle up

Market Line October 31, 2007 Wheat futures posted losses yesterday in what was called a turnaround Tuesday as half of Monday's gains were given back. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says outside markets were a factor. Hoops: "Probably the big news of the day was outside markets such as gold, silver and crude oil were all sharply lower putting pressure against the grains and fund portfolios." Hoops says many traders were trying to get out of long positions ahead of today's Federal Reserve meeting. Wheat got some support from India looking for one million metric tons, though it is unlikely to come from the U.S., and also a Turkish tender. The Australian government forecast the wheat crop down under at 12.1 million metric tons, which was expected by the market. On Tuesday Chicago December wheat was down 14 ½ cents at 8-14. July new crop at Chicago down 15 ¾ at 6-75 ½. Dec corn down 5 ¾ at 3-70 ¼. Portland cash soft white wheat and club wheat for November delivery a nickel to ten cents higher at mostly 9-70. HRW 11.5 percent protein 9-42. Dark northern spring wheat 14% protein 9-65. Barley at the coast 247 dollars a ton. Cattle futures were higher Tuesday getting some help from the down turn in the grain markets. There wasn't much fundamental news. There could be some volatility today on the last trading day of the month. Dec live cattle up 37 cents at 95-72. Jan feeders up 95 at 109-85. Dec Class III milk up 28 cents at $18. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.