11/13/07 Wheat, corn, live cattle move lower

Wheat futures closed lower on Monday. Declining outside markets putts added pressure on the wheat market. Fundamentals underpin the market though as tight global supplies remain a concern. On Monday Chicago December wheat was 7.61, down 1. Export numbers will be released later today. The price of crude oil is at record levels and pushing higher toward $100 a barrel. According to U.S. Department of Agriculture Chief Economist Keith Collins, the rising price of oil is driving corn and soybean prices higher as well. Ethanol prices are up 30 to 35 cents a gallon over the last month or so. COLLINS "And that's helping to pull up the price of corn. The price of oil rising strengthens the biodiesel price, strengthens the ethanol price, increases the margins in manufacturing those biofuel products and that increases the demand for corn and soybean oil and other vegetable oils." December corn 3.79, down 7 ¾. Portland cash white mostly 9.70, a gain of .05. Club White.9.70, up a dime. Pacific Northwest HRW 11.5 percent protein mostly 8.96. Dark Northern Spring 14 percent protein mostly 9.40. December live cattle off .40 at 95.10 January feeders gained 95 to 108.97 December Class III milk at Chicago up .27 to 18.72.