07/18/08 Grains give back gains

Market Line July 18, 2008 Wheat futures lost Thursday about what they gained the previous trading session. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange says that once again crude oil was the culprit. Chiodo: "Crude went from the plus side to the negative side and that kind of tipped the grains over started a long day of selling. Pretty much a CRB day and by that I mean just all across the commodity complex things slowly came under pressure and sold off, rather heavily in some instances." USDA's export sales report for wheat Thursday was positive. Net sales were over 748-thousand metric tons, which again was above expectations. It appears Russia may have its largest wheat crop since 1978 but in the Ukraine officials are saying up to 40 percent of the wheat crop there may only be of feed quality. ff On Thursday Chicago September wheat was down 24 ½ cents at 8-09 ½. September corn down 27 ¼ at 6-31 ¼. Portland cash bids were pressured by lower wheat futures with August new crop soft white wheat unchanged to down eight cents at 7-90 to 7-97. August HRW 11.5 % protein down 22 cents at 9-09. August DNS 14% protein down 14 cents at 9-65. Barley at the coast 223 dollars a ton for July. Cattle futures were mixed Thursday with lower boxed beef and corn being cited as factors. August live cattle down 120 at 97-40. August feeders up 42 at 111-55. August Class III milk up 13 cents at 19-01. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.