12/18/07 Wheat futures lower on little news; cattle futures higher

Market Line December 18, 2007 Wheat futures closed mostly lower Monday. Commentators said there wasn't much news and what there was bearish. Ryan Kelbrantz of ADM at the Minneapolis Grain Exchange says weekly wheat export inspections didn't come up to expectations. Kelbrantz: "Export inspections for the week ending 12/13 totaled 19.445 million bushels. That was below trade expectations of 21-26 million bushels. Weather wise the plains saw a little bit of moisture and they are expecting favorable in Argentina. There are no major delays seen in the harvest and late filling does look pretty good." On Monday Chicago March wheat was down 13 ½ cents at 9-66. July new crop at Chicago down 17 ½ at 7-70 1`/2. March corn up a half cent at 4-38 ¾. Portland cash soft white wheat and club wheat was five to 20 cents higher at mostly 12-55 on good exporter demand. HRW 11.5 percent protein for January down 13 cents at 11-01. Dark northern spring wheat 14% protein for January 13-16 lower at 11-19. Barley at the coast 256 dollars a ton. Cattle futures posted modest gains Monday. Nasty winter weather and brisk wholesale boxed demand provided ideas this weeks cash fed cattle will trade steady. There is commentary that holiday trading will become a factor as slaughter lists will be reduced between Christmas and New Years. Feb live cattle up 15 cents at 95-62. Jan feeders up 12 at 103-67. Jan Class III milk down 15 cents at 18-02. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.