01/11/06 Wheat futures up; cattle mixed

Marketline January 11, 2006 Wheat futures rebounded Tuesday from recent losses on bargain hunting and commercial buying. Traders are also getting ready for several reports due out tomorrow morning from USDA including an estimate of winter wheat acres. Joe Victor of Allendale Incorporated says you can call it "turnaround Tuesday" if you like. He notes some comments out of France. Victor: "France as well as Spain suggesting they are very concerned about a third continuous year of drought. Could make a major impact as far as their wheat is looking for in 2006. France also, some generally some good news coming from ONIC the analytical group out of France, suggesting their soft wheat stocks are down." On Tuesday March Chicago wheat was up 2 ¾ cents at 3-29 ¼. March corn up 2 ¼ at 2-13 ¼. Portland cash white wheat steady at 3-43. New crop August white wheat 3-48 to 3-56. Club wheat 3-89. PNW HRW 11.5 percent protein up a penny at 4-47. Dark northern spring 14% protein higher at 5-07. Export barley 101 dollars a ton. Live cattle futures were higher Tuesday despite a limit down move in hog futures as higher boxed beef supported prices. Feeders continued to see pressure from lower cash market prices. Feb live cattle up eight cents at 96-55. March feeders down 63 at 113-63. Feb Class III milk down three cents at 13-05. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.