08/26/08 Southern Hemisphere forecasts bearish for wheat

Market Line August 26, 2008 Wheat futures posted losses at all exchanges Monday in the 20 cent range. One negative factor was said to be forecasts for good rains in Australia later this week particularly in the drier eastern areas of the country. Rain is also forecast later in the week for dry Argentina. Traders also said a slowdown in export inspections and an anticipated slow down in export sales is pressuring soft red wheat at Chicago. There have been weak basis levels at the Gulf for the past two weeks indicating adequate supplies. The weekly export inspections report from the USDA also showed inspections at 23.7 million bushels, down from the previous 37 million. On Monday Chicago December wheat was down 25 ¾ cents at 8-64 ¾. December corn down 6 ½ at $6. Portland soft white wheat steady to a nickel lower at mostly 8-30 with some exporters bidding a 20 cent premium for maximum 10.5 percent protein. Club wheat 8-40. HRW 11.5 % protein down 22-23 cents at 9-48. DNS 14% protein down 23 to 24 cents at 9-99. Barley at the coast 224 dollars a ton. Cattle futures were firm to narrowly mixed Monday. The placement figure in Friday's Cattle on Feed report was viewed as positive. Short covering was called a factor. Oct live cattle up two cents at 105-80. Oct feeders up a nickel at 112-55. Oct Class III milk down 20 cents at 16-55 with cheese markets again a factor. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.