05/26/08 Markets take a day off

Market Line May 26, 2008 Futures exchanges and USDA Market News are closed today for the Memorial Day Holiday. Before recapping Friday's markets here are some details from a Congressional hearing last week on the effects of institutional investors and hedge funds on food and energy price increases. Witnesses from the Commodity Futures Trading Commission and the Commodity Markets Council discounted the idea that hedge funds were influencing prices. But Michael Masters of Masters Capital Management had a different view. Masters: "You have asked the question "Are institutional investors contributing to food and energy price inflation?" My unequivocal answer is, Yes!" Masters said insensitivity to price by these institutional investors multiplies the impact on commodity markets. Meanwhile, on Friday wheat futures were mixed with Kansas City the weakest. Harvest pressure is coming on there for hard red winter wheat. The soft red winter wheat crop is a few weeks late so harvest pressure on Chicago may also be a few weeks away. On Friday Chicago July wheat was up 7 ½ cents at 7-52 ½. July corn up four at 5-99 ¾. Exporters didn't offer any Portland cash soft white wheat bids Friday as they awaited results from wheat sales from the Bill Emerson Humanitarian Trust. August HRW 11.5 % protein down two cents at 8-82. August DNS 14% protein up a nickel at 9-72. Barley at the coast 198 dollars a ton. Cattle futures were higher Friday with many contracts hitting new monthly highs. Higher cash fed cattle sales were a factor. August live cattle up 145 at 101-30. August feeders up 47 cents at 115-22. July Class III milk up seven cents at 21-42. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.