11/06/07 Wheat and cattle futures higher

Market Line November 6, 2007 Wheat futures posted gains Monday with Minneapolis the strongest market. Joe Victor of Allendale Incorporated says Chicago backed off at the close with some late selling. Victor: "We have a settlement price at 6 ½ cents higher, $7-85. It was as high as 9-10 cents higher within a minute of the close." A lack of rain in the seven day forecast for the U.S. hard red winter wheat belt was seen as a positive. Also the weather problems in Argentina and Australia. There is an assumption the market could see some large wheat tenders this week. After the close USDA reported that 92 percent of the U.S. winter wheat crop had been planted which compares to the five year average of 93 percent. Ratings were 53 percent good to excellent, a two point drop from last week. On Monday Chicago December wheat was up 6 ½ cents at 7-85. July new crop at Chicago up a half at 6-70 ½. Dec corn down 1 ¾ at 3-75 ¼. Portland cash soft white wheat up a nickel to down at nickel at mostly 9-70. Club wheat 9-75. HRW 11.5 percent protein six to seven cents higher at 9-18. Dark northern spring wheat 14% protein 11-12 higher at 9-53. Barley at the coast 247 dollars a ton. Cattle futures posted good gains Monday on short covering, fund buying and a mid-day upswing in boxed beef. Cash fed cattle traded steady to down a dollar last week. Feeders were supported by the live pit. Dec live cattle up 112 at 95-85. Jan feeders up 115 at 109-07. Dec Class III milk down 22 cents at 17-58. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.