08/28/08 Wheat futures down again; cattle lower too

Market Line August 28, 2008 Wheat futures continued to drop Wednesday with losses in the 20 cent range. Active spreading between wheat and corn was noted. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says expectations of large deliveries against September contracts pressured wheat. There is some possible export business out there including Turkey for 250-thousand tons. Also; Hoops: "Bangladesh is tendering for 100-thousand metric tons of wheat. That should be mildly supportive if they purchase U.S. wheat. But we have been pretty dry for wheat export business for some time." A Farm Futures survey of 2009 planting intentions shows a big shift to soybeans and some of that ground could come from soft red winter wheat where seedings could be down this fall. On Wednesday Chicago December wheat was down 28 ¾ cents at 8-25 ¾. December corn up two at 5-96. Portland soft white wheat steady to five cents lower at most $8 with some 20 cent premium bids for maximum 10.5 percent protein. Club wheat 8-10. HRW 11.5 % protein down 25 cents at 9-10. DNS 14% protein 16-20 cents lower at 9-68. Barley at the coast 225 dollars a ton. Cattle futures showed big losses Wednesday getting spillover pressure from mostly limit down hog contracts. Oct live cattle down 197 at 103-77. Oct feeders down 117 at 110-42. Oct Class III milk up six cents at 16-34 on short covering. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.