07/15/08 Lower corn futures hurt wheat

Market Line July 15, 2008 Wheat futures posted double-digit losses Monday. There was harvest pressure on wheat but Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange says sharp losses in corn pressured wheat too. Chiodo: "The heat and high temps that we were looking at Friday building in the southwest have held off for yet another week. Between that and crude oil taking a break on the upside and some of the seasonalitys, we came under pressure here." Argentina says dryness there will cut wheat acres about 13 percent from last year but rain is in the forecast this week for both Argentina and Australia. On Monday Chicago September wheat was down 12 ¾ cents at 8-18. September corn down 27 ¼ at 6-63 ¾. Portland August new crop soft white wheat unchanged at 7-90 to 8-05. August HRW 11.5 % protein down 14 cents at 9-18. August DNS 14% protein down 17 cents at 9-65. Barley at the coast 223 dollars a ton for July. Cattle futures saw steep losses Monday with lower than expected cash prices last week pressuring live cattle futures. Spillover impacted feeder contracts. August live cattle down 207 at 99-12. August feeders down 155 at 110-17. August Class III milk down 16 cents at 18-66. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.