11/15/07 Wheat, corn futures up on good news

Wheat closed higher Wednesday on turnaround trade activity as shorts' covered positions and corn and beans rallied. Crop Progress reported 49% in good/excellent condition down from 53% last week. On Wednesday Chicago December wheat was up 4 ½ to 7.52 ½. Kansas December added 10 1/4, Minneapolis was up 9 ½. Portland cash white 9.70 Club White 9.70 Pacific Northwest HRW 11.5 percent protein November delivery mostly 8.89. Dark Northern Spring 14 percent protein November 9.44. Corn futures closed higher on Wednesday. Strength in beans, crude oil, and gold helped to lift corn futures. USDA reports Egypt bought 180,000 tons and Japan 106,680 tons of corn for 2007/08 delivery. December corn gained 8 1/4 to close at 3.83. Live cattle closed mixed on the day. A short covering rally failed to materialize leading to a sell off. Traders are looking for higher cash cattle trade this week but some are disappointed at both the slow movement and near steady state of the cattle trade last week. December live cattle unchanged at 95.57 January feeders down .27 to 108.97. December Class III milk at Chicago 18.88, down .03.