11/08/07 Wheat and cattle futures lower

Market Line November 8, 2007 Wheat futures were mostly lower Wednesday though new crop at Chicago posted gains. Higher oil helped wheat Tuesday but Joe Victor of Allendale Incorporated says profit taking Wednesday sent oil lower and that was bearish. Victor: "It was one of those deals where its buy the rumor sell the fact. Well, as crude oil started to slip, even though we opened higher in the grains, we ended up closing lower on the day." New crop wheat future strength as Chicago and Kansas City was attributed to dry conditions in the southern and western hard red wheat belt. That dryness now expected to last through Monday. Traders get the weekly export sales report today, the monthly production and supply and demand reports tomorrow morning. On Wednesday Chicago December wheat was down 9 ¼ cents at 7-87 ¾. July new crop at Chicago up 5 ½ cents at 6-91 ½. Dec corn down 1 ½ at 3-84 ¼. Portland cash soft white wheat was seven cents higher on good exporter demand at mostly 9-90. Club wheat 9-95. HRW 11.5 percent protein 8-11 cents lower at 9-16. Dark northern spring wheat 14% protein unchanged to eight cents lower at 9-65. Barley at the coast 247 dollars a ton. Cattle futures closed lower Wednesday. There is nervousness again about this week's cash fed cattle trade which was lower last week. Feeder futures followed live cattle contracts. Dec live cattle down 87 cents at 94-87. Jan feeders down 90 at 107-17. Dec Class III milk up 35 cents at 18-25. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.