11/27/07 Dryness continues in southern plains wheat belt

Market Line November 27, 2007 Wheat futures closed lower Monday. Profit taking was cited as a feature. The market had opened higher on several bullish factors including higher outside markets, solid export demand and the continued dryness in the southern plains winter wheat belt. USDA meteorologist Brad Rippey says another area of the U.S. is seeing some winter wheat problems too. Rippey: "One other area we are watching for dryness is in the southeast. North Carolina had been doing pretty well but soil conditions declined from 77% good to excellent down to down to 57%. " Nationally winter wheat ratings dropped a point from last week to 44 percent good to excellent, 19 percent very poor to poor. On Monday Chicago March wheat was down 11 ½ cents at 8-34. July new crop at Chicago down 3 ½ at 7-10. March corn down 2 ¾ at 4-03. Portland cash soft white wheat was 25 cents higher at mostly 10-48 still benefiting from the big gains in wheat futures last Friday. Club wheat 10-50. No Portland bids on HRW. Dark northern spring wheat 14% protein up seven cents at 10-13. Barley at the coast 247 dollars a ton. Live cattle futures were mixed Monday as traders await developments in the cash fed cattle market. Another recall of 96-thousand pounds of beef didn't help and concern continues over the abundance of pork and chicken supplies. Feeder contracts were higher based on lower corn. Feb live cattle down 17 cents at 98-52. Jan feeders up 25 at 110-95. January Class III milk up sixteen cents at 18-46. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.