12/14/07 Exports bullish; weather bearish

Market Line December 14, 2007 Wheat futures closed mostly higher Thursday accept for some new crop contracts. The market had been lower early but rebounded. Weekly export sales were above expectations at over 516-thousand metric tons. Joe Victor of Allendale Incorporated says weather news was bearish with moisture being received in the southern plains. Victor: "Definitely crippled up the July contract in Kansas and Chicago but not really impacting Minneapolis wheat futures and again that is primarily that they have to fight for their dear lives in order to keep as much acreage as they can away from corn and soybeans in the spring of 2008." On Thursday Chicago March wheat was up 13 cents at 9-53 ½. July new crop at Chicago down 21 at 8-07 ½. March corn up 1 ¾ at 4-35. Portland cash soft white wheat and club wheat were a dime higher at mostly 12-35. HRW 11.5 percent protein for January a penny to 16 cents higher at mostly 10-93. Dark northern spring wheat 14% protein for January up 13 cents at 11-87. Barley at the coast 256 dollars a ton. Lower cash cattle and boxed beef sales helped drive cattle futures sharply lower Thursday. Production cutbacks by packers is also negative. Some traders also point to spillover from equities and financials. Feb live cattle down 162 at 95-17. Jan feeders down 140 at 103-80. Jan Class III milk up eight cents at 18-42. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.