11/21/07 Technicals looking up in wheat

Market Line November 21, 2007 Wheat futures closed higher again Tuesday getting some outside support from higher crude oil and gold plus a weaker U.S. dollar. USDA's four point drop in winter wheat ratings from last week was also supportive. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange sees the technicals turning friendly for wheat. Chiodo: "The MACD, which is a moving average, convergence-divergence. The lines are touching there now in the Dec and the March and that looks like it will continue upward giving a strong buy signal. That is a long term indicator. It usually lags behind the actual market, which is why after two days out it is finally starting to turn here." All exchanges are closed tomorrow for Thanksgiving. On Tuesday Chicago December wheat was up 17 ¼ cents at 7-73 ½. July new crop at Chicago up 8 ½ at 6-87 ½. Dec corn up 3 ¾ at 3-81 ¼. Portland cash soft white wheat was five to ten cents higher at mostly 10-05. Club wheat 10-05. HRW 11.5 percent protein up 20 cents at 9-16. Dark northern spring wheat 14% protein up 22 cents at 9-77. Barley at the coast 247 dollars a ton. Cattle futures closed higher Tuesday getting outside support from sharply higher lean hog contracts. There was speculation that Smithfield Foods reached a deal to supply pork to China but the company denied that. Better boxed beef prices also helped cattle. Dec live cattle up a dollar at 96-17. Jan feeders up 75 at 109-57. Dec Class III milk up 32 cents at 19-82. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.