01/14/08 Acreage report bullish for wheat

Market Line January 14, 2008 Nearly all wheat futures contracts, old crop and new were limit up Friday. Joe Victor of Allendale Incorporated says the reason was USDA's estimate of only a four percent increase in U.S. winter wheat plantings, which was less than expected. Victor: "Almost two million acres less of winter wheat planted, primarily the southern plains. That's Kansas, Oklahoma, Texas region. The reason provided is too much dry weather. Didn't get the wheat planted." Hard red winter wheat acres were actually down one percent, soft red up 21 percent and soft white up four percent. PNW winter wheat acres were pegged up 7 percent. Pakistan is scheduled to tender this week for a relatively wide variety of wheat classes and origins. On Friday Chicago March wheat was up 26 ¾ cents at 9-09 ¼. July new crop at Chicago up 30 at 8-06. March corn up 20 at 4-95. Portland cash soft white and club wheat 25-30 cents higher at mostly 14-30. New crop august white wheat 34 to 40 cents higher at 8-29 to 8-50. HRW 11.5 percent protein up 25-30 at 10-24. Dark northern spring wheat 14% protein 30 cents higher at 11-98. Barley at the coast 263 dollars a ton. Nearby cattle futures were generally lower Friday with live contracts suffering from a lower cash cattle trade and sharply higher corn futures pressuring feeders. Feb live cattle down 185 at 95-35. March feeders down 2-27 at 102-50. Feb Class III milk down two cents at 17-85. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.