11/01/07 Wheat doesn't follow other commodities higher

Market Line November 1, 2007 Wheat futures generally slipped lower again Wednesday. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says volatile trends again dominated trade. Hoops: "We saw markets try and trade higher early and then some long liquidation weighed on prices and pulled us lower. We did see support for prices with Turkey tendering for 300-thousand metric tons of milling wheat; Tunisia tendering for 100-thousand milling wheat and India also rumored to be in the market for about a million tons." After suffering another year of drought Australian wheat growers are now getting some rain but its coming during harvest. Brian Hoops says some U.S. corn yields aren't coming in as good as expected so look for a lower figure on USDA's production report this month. Weekly export sales will be out this morning. On Wednesday Chicago December wheat was down six cents at 8-08. July new crop at Chicago down three at 6-72 ½. Dec corn up 5 ¼ at 3-75 ½. Portland cash soft white wheat and club wheat steady to a dime higher at 9-75. HRW 11.5 percent protein down a nickel at 9-35. Dark northern spring wheat 14% protein one to six cents lower at 9-58. Barley at the coast 247 dollars a ton. Live cattle futures were mostly lower Wednesday on trader nervousness about cash fed cattle and profit taking. That also pressured feeder contracts which posted large losses as corn was higher. Dec live cattle down 80 cents at 94-92. Jan feeders down 145 at 108-40. Dec Class III milk up seven cents at 18-07. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.