12/28/07 Wheat futures drop; cattle contracts higher

Market Line December 28, 2007 Big losses were posted in wheat futures Thursday. Commentators say the market was under the influence of thin holiday week volume and a general lack of news. That brought technical selling and long liquidation early in the session. Snow is forecast for areas of the central hard red winter wheat belt which will make for further improvement in crop conditions. USDA's weekly export sales report will be out this morning. It was delayed a day due to the holiday earlier in the week. Exchanges will see shortened hours Monday and will be closed Tuesday, New Year's Day. On Thursday Chicago March wheat was down 26 ¼ cents at 9-15. July new crop at Chicago down 14 ½ at 7-92. . March corn up 2 ½ at 4-54 ¾. Portland cash soft white and club wheat generally steady at mostly 13-10. HRW 11.5 percent protein for January 24-29 cents lower at 10-49. Dark northern spring wheat 14% protein for January down 19 at 11-84. Barley at the coast 257 dollars a ton. Cattle futures were higher Thursday. Live cattle got a boost on news that cash fed cattle sold for a dollar more than they had Wednesday. That prompted short covering and fund buying which also benefited feeder contracts. Feb live cattle up 117 at 96-17. March feeders up 130 at 106-32. Feb Class III milk down four cents at 17-93. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.