01/09/08 Wheat, cattle mixed, corn sharply higher

March wheat futures closed mixed on Tuesday, from 10-1/4 cents lower to 4-1/2cents per bushel higher compared to Monday's closes. Most decline in Minneapolis and the advance in Chicago where March wheat was 9.07 ½. We asked Allendale's Joe Victor what's driving the wheat market now. VICTOR "Weather in Argentina, demand that is still out there for US wheat with the exception of Egypt but we have seen Asia continuing to buy, South Korea, Taiwan and Japan and of course the other news is this new money flow going into commodities for 2008." March corn jumped higher by 12 ½ to 4.78 ¾. Portland cash white and club wheat were unchanged at 13.30. Pacific Northwest HRW 11.5 percent protein January down .07 to mostly 10.14. Dark Northern Spring 14 percent protein off .07, mostly 11.78. Export barley at the coast 257 per ton. Live cattle futures were mixed with feeder counterparts mostly lower. Feeder contracts are primarily pressured by sharply higher prices in the corn market. February live cattle down 52 at 94.07 March feeders down 57 at 103.12 February Class III milk at Chicago up .42 to 18.55