11/14/07 Cattle futures up, not so for wheat, corn

Wheat futures closed lower on Tuesday. The market sold off on both technical weakness and fundamentals. Weekly export inspections disappointed the market, 23.1 million bushels inspected versus 25 to 30 million expected. Furthermore, India restricts wheat imports to 2.3 million tons, down from 5 million tons originally anticipated. On Tuesday Chicago December wheat was 7.48 down .13. Kansas City lost 14 ½, Minneapolis December off 8 ½. Corn futures were lower, following crude oil lower. December corn 3.74 ¾ down 4 ¼. Portland cash white mostly 9.75 up a nickel Club White 9.75 Pacific Northwest HRW 11.5 percent protein 8.81, down .15. Dark Northern Spring 14 percent protein. Off 8 at 9.32. Live cattle closed higher yesterday. Higher cash beef prices and expectations of higher cash cattle prices this week supported futures moving higher Tuesday. Afternoon box prices were higher  choice up 1.16, select up 2.26. December live cattle 95.57 a gain of .47. January feeders 109.25 a gain of .27. December Class III milk at Chicago up .19 to 18.91.