07/17/08 Grains overcome lower crude oil

Market Line July 17, 2008 Wheat futures posted strong gains Wednesday despite being down in early trading on lower crude oil and higher dollar. After the early break there was a lack of selling and Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange says wheat was a leader on the way up. Chiodo: "Funds were sellers early on in the day and then I think just the overall short covering and some technical buying just out did them and they subsided with their selling." Harvest is just about wrapping up in Kansas. Harvest in the northern soft red wheat areas could see some rain delays. On Wednesday Chicago September wheat was up 23 cents at 8-34. September corn up 10 ¼ at 6-58 ½. At Portland higher Chicago futures supported cash soft white wheat but limited new export demand offered pressure and August new crop soft white was unchanged at 7-90 to 8-05. August HRW 11.5 % protein 17 to 19 cents higher at 9-31. August DNS 14% protein nine to nineteen cents higher at 9-79. Barley at the coast 223 dollars a ton for July. Cattle futures were lower Wednesday with profit taking a factor for both live and feeder contracts. Lower cash fed cattle also hurt live contracts and rising corn futures were negative for feeders. August live cattle down a dollar at 98-60. August feeders down 32 cents at 111-12. August Class III milk up 22 cents at 18-88. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.