08/05/08 Wheat futures tumble

Market Line August 5, 2008 Wheat futures were sharply lower Monday pressuring cash prices at Portland. Some commentators pointed to spillover pressure on wheat from the better weather outlook that sent the row crops lower. Joe Victor of Allendale Incorporated says a sell off in outside markets was at play. Victor: "Outside markets within the softs also down whether it be cotton, sugar, all down, so it is not just a agriculture grains and oilseeds weakness. It is throughout the other agricultural softs and principally because of the weaker energy market." Australia is looking for more beneficial rains in the east which will add to the overall improvement of the wheat crop. Scattered showers occurred in dry Argentina over the weekend. On Monday Chicago September wheat was down 35 ¼ cents at 7-58 ¾. September corn down 29 ½ at 5-35 ½. Portland soft white wheat 15 to 25 cents lower at mostly 8-05. Club wheat mostly 8-10. HRW 11.5 % protein down 26 cents at 8-70. DNS 14% protein down 32 at 9-27. Barley at the coast 225 dollars a ton. Live cattle futures were lower Monday as sharply lower corn was seen as implying smaller reductions in beef production. Feeder contracts were mixed with lower corn providing some support. Oct live cattle down 30 cents at 107-50. Oct feeders down 45 at 118-20. Sept Class III milk down 27 cents at 17-75. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.