08/27/08 Outside markets again pressure wheat

Market Line August 27, 2008 Wheat futures were down again Tuesday. A higher U.S. dollar and lower crude were cited as factors. Brian Hoops of Midwest Market Solutions says grains did however trim their losses into the close. Hoops: "As the U.S. dollar closed at the middle of the range, well off the session highs. Crude oil rallied off its lows. And the gold and silver were able to rally and that helped to put a little support into the grain markets." Other bearish news was favorable weather for Canadian wheat crop development and that moisture forecast for Argentina and Australia. One positive are reports that only 11 percent of the Ukraine's wheat crop may be milling quality. On Tuesday Chicago December wheat was down 10 ¼ cents at 8-54 ½. December corn down six at 5-94. Portland soft white wheat 10 to 20 cents lower at mostly 8-20 with some bids of a 20 cent premium on maximum protein 10.5 percent soft white. Club wheat 8-30. HRW 11.5 % protein 12 to 16 cents lower at 9-36. DNS 14% protein 18-19 cents lower at 9-86. Barley at the coast 225 dollars a ton. Cattle futures were lower Tuesday. Profit taking and cash market nervousness were cited for live contracts. That spilled over to feeders which also saw cash market weakness. Oct live cattle down a nickel at 105-75. Oct feeders down 95 at 111-60. Oct Class III milk down 27 cents at 16-28 on continued cheese market weakness. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.