08/20/08 Rough Ride on the Market

Rough Ride on the Market. I'm Greg Martin. This is the Market Line Market Line August 20, 2008 The market was choppy on Tuesday in the extreme starting with a lower open that was followed by an immediate rally to sharply higher by mid morning. Mark Chidle with the Minneapolis Grain Exchange says prices followed crude for a while. CHIDLE: And then for the most part when crude turned off of its highs then we began to turn off of our highs here in the grains and row crops. Wheat lost to corn on the day with spread traders actively buying corn and selling wheat. Funds were buyers of about 2500 contracts early. Japan is looking to buy 85,000 tonnes of wheat on its regular weekly tender. Pakistan announced that it is postponing its latest 250,000 tonne wheat tender indefinitely. Government officials said that local purchases along with the recent heavy pace of import buying may fulfill the nation's needs into 2009. However, one analyst said that the political implications of the resignation of President Musharraf yesterday may also be a factor. On Tuesday, Chicago September wheat was down 14 1/2 at 845 1/4 September corn was up 11 ¾ at 564 ¾. Portland soft white wheat mostly 8.45 down 5 to 7 Club wheat at 8.55 Hard Red Winter Wheat 11.5 % protein, 9.68 down 14 to 18 Dark Northern Spring Wheat 14% protein,10.25 down 8 to15 Oct live cattle was off 1.12 at 104.82 Oct feeders down at 112.77 Sept Class III milk 17.15 down 3 cents I'm Greg Martin and that's Market Line on the Northwest Ag Information Network. Now this.