01/04/07 Wheat up again, cattle futures lower

Grain bids were again sharply higher Thursday in the wheat market, with corn also higher. Analyst Brian Hoopes say wheat was sharply higher again on fund buying. HOOPES "We though the funds would be pretty good buyers as they look at a $1.20 break from the highs in wheat as a buying opportunity. We've since rallied about 50 to 60 cents but the market is very strong with good export fundamentals underneath it." On Thursday Chicago March wheat was up 30 to 9.45, the second day in a row for that kind of gain while Kansas City March added 29 ½ and Minneapolis March was also up 30 to 10.95. Corn moved higher along with the jump in the gold market, and continued weakness in the dollar gave support along with the rally in the wheat market. March corn gained 3 ½ to close at 4.66. Portland cash white and club wheat most 13.25. Pacific Northwest HRW 11.5 percent protein 10.62 Dark Northern Spring 14 percent protein January mostly 12.31 Export barley at the coast $256 a ton. Downside numbers in cattle, February live cattle lost 1.47 to 94.77 March feeders down 2.57 at 103.92 February Class III milk at Chicago up 50 to 19.12. I'm Bill Scott in for Bob Hoff, that's Marketline on the Northwest Ag Information Network. Now this.