11/07/07 Oil said to help wheat futures

Market Line November 7, 2007 Wheat futures closed higher Tuesday. Joe Victor of Allendale Incorporated says some outside factors influenced grains. Victor: "We've got the crude oil and the precious metals that are driving higher and taking the commodities right along with it." December crude oil closed at 96-75 yesterday but traded as high as 97-10 during the session. A weaker dollar was also said to benefit wheat futures. Despite the political turmoil in Pakistan that country has announced tenders for 320-thousand tons of wheat. The dry areas of the U.S. Plains are not expected to see any rain this week which could lead to another drop in crop ratings. On Tuesday Chicago December wheat was up 12 cents at 7-97. July new crop at Chicago up 15 ½ at 6-86. Dec corn up 10 ½ cents at 3-85 ¾. Portland cash soft white wheat and club wheat 13-15 cents higher at mostly 9-85. HRW 11.5 percent protein 10 to 12 cents higher at 9-28. Dark northern spring wheat 14% protein 18-24 higher at 9-68. Barley at the coast 247 dollars a ton. Live cattle futures were mixed Tuesday with feeder contracts lower. Live contracts saw bear spreading out of December and into February and April. Feeders saw profit taking, pressure from higher corn and the fact the board is at a premium to the CME feeder index. Dec live cattle down a dime at 95-75. Jan feeders down a dollar at 108-07. Dec Class III milk up 32 cents at 17-90. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.