01/15/08 Grain rally continues; pressures cattle

Market Line January 15, 2008 Wheat futures as well as Portland cash soft white wheat continued to roll higher Monday. Ryan Kelbrantz of ADM at the Minneapolis Grain Exchange sums up the future's market activity. Kelbrantz: "Follow through buying from Friday's USDA reports and strength in the Chicago corn and bean market did push prices higher early in the session. We did see a late break in Chicago though the front months ended limit higher." The German government said farmers there increased wheat winter wheat acreage 6.3 percent. USDA reported Friday that U.S. winter wheat acreage is up four percent. An American Farm Bureau economist said this week that he believes total U.S. wheat acreage this year, winter and spring, will increase 7%. In Pakistan paramilitary troops have been deployed to check mills for wheat flour smuggling. On Monday Chicago March wheat was up 7 ¾ cents at 9-17. July new crop at Chicago up 30 at 8-36. March corn up 17 cents at 5-12. Portland cash soft white and club wheat 20-27 cents higher at mostly 14-50. New crop August white wheat 8-60. HRW 11.5 percent protein nine to 14 cents higher at mostly 10-43. Dark northern spring wheat 14% protein 15-20 higher at 12-13. Barley at the coast 265 dollars a ton. Higher corn futures were negative to cattle futures Monday particularly feeder contracts. Feb live cattle down 45 cents at 90-90. March feeders down 105 at 101-45. Feb Class III milk down four cents at 17-81. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.