01/10/08 Late selling pressures wheat futures agaiin

Market Line January 10, 2007 On Wednesday wheat futures followed the week's general pattern, which includes late selling that pushes the market lower and a close at or near the lows of the day. Joe Victor of Allendale Incorporated, says re-balancing by investment hedge funds away from wheat was a factor. Victor: "No major export tenders out there. A little bit disappointing news. There is a rumor circulating that China may be capping the prices of some of its basic food stuffs. A little negative to the starches as well as to the protein." Many traders are also evening up positions ahead of USDA reports due out tomorrow, which will include USDA's first estimate of planted winter wheat acres for 2008. On Wednesday Chicago March wheat was down 18 cents at 8-89 ½. July new crop at Chicago down 18 at 7-91. March corn down 1 ½ at 4-77 ¼. Portland cash soft white and club wheat were 15 to 30 cents higher at mostly 13-40. HRW 11.5 percent protein down 20 cents at 9-99. Dark northern spring wheat 14% protein down 13 cents at 11-65. Barley at the coast 260 dollars a ton. Live cattle contracts were mixed Wednesday with feeder contracts mostly firm. February through April live cattle were lower, with more deferred contracts higher. Feb live cattle down 80 cents at 93-27. March feeders up 27 at 103-40. Feb Class III milk down 68 cents at 17-87. The CME Daily Dairy Report says big moves in cheese are taking their toll on milk futures. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.