07/08/08 Wheat futures plunge again

Market Line July 8, 2008 Wheat futures saw some big losses Monday in post-holiday weekend trading. Limit down moves in corn and soybeans for most of the session caused spillover pressure to wheat. Rapid weekend wheat harvest progress added pressure. There was weakness in commodity markets in general when crude oil was lower early in the day. Lynne Smith of the Zaner Group in Chicago says USDA's crop ratings report had somewhat of a surprise. Smith: "After the close the USDA crop progress report indicated that 69% of the spring wheat crop was in the good to excellent category. That was versus 74% last week and was somewhat unexpected. The USDA also reported 52% of the winter wheat crop has been harvested versus 36% the week prior." Argentina is reporting wheat seeding running 18 percent behind normal because of dry conditions. On Monday Chicago September wheat was down 51 ½ cents at 8-22. September corn down 30 at 7-27 ¾. Portland August new crop soft white wheat 15 to 25 cents lower at 7-70 to 7-85. August HRW 11.5 % protein down 52 to 54 cents at 9-35. August DNS 14% protein down 53 cents at 9-90. Barley at the coast 223 dollars a ton for July. Late Monday USDA opened CRP land up to grazing in Midwest states that suffered flooding. Cattle futures saw losses Monday with August live cattle down 150 at 102-30. August feeders down 55 at 111-02. August Class III milk down 29 cents at 18-83. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.