08/25/08 Exporter low protein soft white wheat premiums

Market Line August 25, 2008 Wheat futures were down sharply Friday. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange says this time the outside markets were negative for grains. Chiodo: "We traded down 3 ½ to $4 dollars most of the day in the crude. Metals down heavy, dollar back up. And that influenced us a fair amount." Stats Canada pegged the Canadian wheat crop at 25.4 million tons, within expectations. Argentina has lowered its estimate of wheat planted acreage because of drought. Plantings could be the smallest in 16 years. Lower wheat futures pressured Portland cash prices Friday but USDA Market News says some exporters were offering a 20 cent a bushel premium for soft white with a maximum 10.5 percent protein. Samples run through the Wheat Marketing Center show the PNW soft white wheat crop averaging 11 percent protein. On Friday Chicago December wheat was down 31 ¾ cents at 8-90 ½. December corn down 11 at 6-06 ½. Portland soft white wheat 20 cents lower at mostly 8-30. Club wheat 8-40. HRW 11.5 % protein down 28 cents at 9-70. DNS 14% protein down 30 cents at 10-28. Barley at the coast 225 dollars a ton. Friday's Cattle on Feed report pegged the feedlot inventory at 9.87 million head, down four percent from last August 1st. July placements and marketings were up two percent. Cattle futures were mixed ahead of the report. Oct live cattle down 52 cents at 105-77. Oct feeders down two cents at 112-50. Oct Class III milk down 25 cents at 16-75. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.