12/27/07 Beans help wheat futures

Market Line December 27, 2007 Wheat futures were higher Wednesday in the first trading session following Christmas. New crop Chicago narrowed the spread with old crop. Wheat was called a follower of soybeans. Higher energy and metals were said to add to the strength in grains. USDA did report the sale of 120-thousand tons of U.S. soft red winter wheat to unknown destinations. The sale is for 2008/2009 delivery. Argentina extended its ban on export registrations indefinitely. Recent evaluations had shown minimal damage from frost there so Argentina's action was seen as a surprise. On Wednesday Chicago March wheat was up six cents at 9-41 ¼. July new crop at Chicago up 14 ½ at 8-06 ½. March corn up 8 ¼ at 4-52 ¼. Portland cash soft white and club wheat were steady to firm compared to last Friday at mostly 13-05. HRW 11.5 percent protein for January down a penny at 10-78. Dark northern spring wheat 14% protein for January two to 15 cents lower at 12-03. Barley at the coast 257 dollars a ton. Live cattle futures posted some moderate gains Monday while feeder contracts were lower. There was short covering in live cattle and oversold chart conditions. Feeders got pressure from higher corn and the board's premium to CME's feeder cattle index. Feb live cattle up 42 cents at $95. March feeders down 45 at 105-02. Feb Class III milk up 62 cents at 17-97. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.