05/23/08 Wheat futures and cash soft white down hard

Market Line May 23, 2008 This will be a three-day weekend for the markets as they are closed Monday for Memorial Day. Continued concerns about an Emerson Trust release as well as lower futures sent soft white wheat at Portland lower again Thursday. As for futures, Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says crude oil was a factor. Hoops: "Really a lot of what is happening is tied to the crude oil market. We were down about $3 in the crude. That pulled corn and beans down and everything just traded softer during the session." Other commentators say wheat is trying to put in its harvest low. Harvest by the way is underway in Texas. Pakistan cancelled a tender for 75-thousand tons of wheat and postponed the remainder of a 250-thousand ton tender from June 7th to June 14th. Western Australia is forecast to get more rain over the next week but little or none is forecast for dry areas of eastern Australia. On Thursday Chicago July wheat was down 33 cents at 7-35. July corn down 11 ½ at 5-95 ¾. Portland new crop soft white wheat down 20 cents at 7-55 to 7-60. August HRW 11.5 % protein down 27 cents at 8-84. August DNS 14% protein down 30 cents at 9-67. Barley at the coast 198 dollars a ton. Live cattle futures closed unchanged to higher Thursday as traders awaited significant cash market developments. Feeder contracts were higher. Any cash sales and positioning ahead of the holiday weekend are expected to direct trade today. June live cattle up 52 cents at 95-15. August feeders up 37 at 114-75. June Class III milk up 38 cents at 20-85. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.