08/11/08 Dollar's gain grains' loss

Market Line August 11, 2008 Traders may be positioning today for tomorrow's August USDA crop and supply and demand reports. Friday saw wheat futures sharply lower giving back the big gains from Thursday. Lower crude oil and a big rally in the U.S. dollar were blamed. Joe Victor of Allendale Incorporated says some of the strength in the dollar came from a flight to quality because of the situation in former Russian Georgia. But Victor is still optimistic about wheat. Victor: "The national average peak for all-wheat prices typically comes in the month of December. And as long as there is full carry in this market and you are hedged in the December futures, we are urging you hold on to that wheat." On Friday Chicago September wheat was down 57 cents at 7-65 ¼. September corn down 23 ¾ at 4-98 ½. Portland soft white wheat 12 to 20 cents lower at mostly 8-05. Club wheat 8-15. HRW 11.5 % protein down 43 cents at 8-88. DNS 14% protein down 46 cents at 9-43. Barley at the coast 225 dollars a ton. Cattle futures were mixed Friday. There was a lack of cash fed cattle information before futures closed. Feeder contracts did get some more support from falling corn. Oct live cattle down 75 cents at 106-45. Oct feeders up a nickel at 115-40. Sept Class III milk down 26 cents at 17-19. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.