01/2/08 A new trading year

Market Line January 2, 2008 Wheat futures were mixed Monday with Chicago showing weakness. There was follow through selling from last Friday's limit down close. A lack of threatening weather in the U.S. and good harvest weather for Argentina added to the markets early negative tone. Export inspections for wheat were 10.89 million bushels. They need to average 17.5 million a week to meet USDA's export forecast. A Commitment of Traders Report which showed the market being a little oversold helped futures. Looking back over 2007, wheat futures were up 76.6 percent. Corn was up 16.7. One thing traders will watching as the new year gets underway is what the big investment funds decide to do with their money. On Monday March Chicago wheat was unchanged at 8-85. New crop July at Chicago down 2 ½ cents at 7-75 ½. March corn up 3 ½ cents at 4-55 ½. Portland cash white wheat and club wheat were steady to a dime lower at mostly 12-93. PNW HRW 11.5 percent protein was mixed at mostly 10-24. Dark northern spring 14% protein one to six cents higher at 11-66. Export barley 258 dollars a ton. Cattle futures closed out 2007 with an up day. Feb live cattle up 12 cents at 96-17. March feeders up 75 at 107-10. Milk futures did not trade Monday. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.