01/03/08 Wheat up, cattle prices may stay that way too

Volume and liquidity as they traders call it came back to grain futures markets during the first trading session of 2008, along with buying based on long-term bullish sentiment. On Wednesday Chicago March wheat was up .30 to 9.15 while Kansas City March added 22 ½ and Minneapolis gained 29 ½. Portland cash white and Club White mostly 13.05 Pacific Northwest HRW 11.5 percent protein 10.32. Dark Northern Spring 14 percent protein January mostly 12.01. Export barley at the coast $256 per ton. USDA economist Keith Collins is expecting a record high price for steers in 2007 at 92 per hundredweight. COLLINS "As we look out to 2008 we really don't expect any change in that. We expect in fact a slight decline in beef production in 2008 and that's going to keep cattle prices we think in a range of roughly 91 dollars per hundredweight." The cattle market mixed Wednesday with most of the red ink produced in the feeder market where traders are unnerved by sharply higher corn prices. March corn settled 7 cents higher at $4.62 ½. February live cattle up .75 at 96.25. March feeders 60 lower at 106.50. February Class III milk at Chicago up .75 to 18.62.