12/21/07 Disappointing wheat export sales report

Market Line December 21, 2007 Wheat futures closed mostly lower Thursday. USDA's weekly export sales report for wheat at 221,600 tonnes was less than the 300-500-thousand the trade had anticipated. South Korea passed on its tender but Japan took 285-thousand tons, its largest purchase this year at a weekly tender. Most was purchased from the U.S. with some from Canada. Ryan Kelbrantz of ADM at the Minneapolis Grain Exchange expects erratic price fluctuations to continue into the holidays. Kelbrantz: "Appears we are moving into that holiday type mode. Technically we are positioned for a little bit of a setback but traders are looking for opportunities to buy little dips in the market and the underlying market should find support from tight world balance tables and the overall strong export markets." On Thursday Chicago March wheat was down 19 ½ cents at 9-54. July new crop at Chicago down 5 ¼ at 7-79 ½. March corn up 3 ¼ cents at 4-38. Portland cash soft white wheat and club wheat steady at mostly $13. HRW 11.5 percent protein for January down 19 cents at 10-91. Dark northern spring wheat 14% protein January down 11 at 12-15. Barley at the coast 256 dollars a ton. Weaker cash markets for fed cattle and beef took cattle futures lower Thursday. Technical selling was also a feature. This afternoon is USDA's Cattle on Feed Report. Feb live cattle down 57 cents at 95-70. Jan feeders down 25 at 103-95. Jan Class III milk up 13 cents at 17-83. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.