11/12/07 Bearish wheat numbers from USDA

Market Line November 12, 2007 Wheat futures posted some modest losses Friday after having been sharply lower early in the session. USDA's supply and demand report Friday increased both U.S. and world wheat ending stocks slightly and that was bearish. Traders expected a higher U.S. wheat export number but USDA left that unchanged. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota, says wheat is hurting right now. Georgantones: "When you see world increases right now and the way the market is starting to fall apart. Wheat's in trouble right now and wheat needs some demand and we just aren't getting it. We just didn't do any wheat business last week and it absolutely shocks me." On Friday Chicago December wheat was unchanged at 7-62. July new crop at Chicago unchanged at 6-81 ½. Dec corn down 2 ¾ cents at 3-86 ¾. Portland cash soft white wheat was down 25 cents at mostly 9-65 pressured by Thursdays drop in futures and the decline early Friday. Club wheat 9-70. HRW 11.5 percent protein four to nine cents lower at 8-91. Dark northern spring wheat 14% protein down a nickel at 9-41. Barley at the coast 249 dollars a ton. Live cattle futures were mixed Friday with feeders higher. Traders were looking for guidance from cash fed sales but there were only a few at steady money before the close. Lower corn helped feeder contracts. USDA upped its average corn price projection 30 cents. Dec live cattle up a dime at 95-50. Jan feeders up 35 at 108-02. Dec Class III milk up 28 cents at 18-45. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.