12/11/07 Wheat problems for India?

Market Line December 11, 2007 Futures traders will digest a new supply and demand report for grains from USDA this morning. Expectations are for a reduced U.S. wheat carryout. Ahead of the report Monday wheat futures again saw good advances helping Portland move higher too. Joe Victor of Allendale Incorporated says the market was getting excited about a group in India saying they would tender for an unspecified amount of wheat by December 17th. Victor: "And it is that key word "unspecified" that is starting to make the market a little nervous from a bullish standpoint because at the same time the India-Hindu Times says that they have a disastrous 2007 winter wheat planting. Something that suggests less than 70 million tons for the 2008 harvest." On Monday Chicago March wheat was up eight cents at 9-29 ½. July new crop at Chicago up 16 ½ at 8-24 ½. March corn up a half cent at 4-17 ¾. Portland cash soft white wheat and club wheat was 15 to 25 cents higher at mostly $12. HRW 11.5 percent protein for January up 12 cents at 10-67. Dark northern spring wheat 14% protein 12 cents higher at mostly 11-48. Barley at the coast 256 dollars a ton. Cattle futures posted slight gains Monday. Cash fed cattle did trade lower last week but boxed beef was higher yesterday and technicals were positive. Feb live cattle up 37 cents at 97-12. Jan feeders up 17 at 106-12. Jan Class III milk up 11 cents at 18-52. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.