08/29/08 Wheat futures still falling

Market Line August 29, 2008 Wheat futures have closed lower every trading session this week. There was liquidation Thursday ahead of first notice day on delivery on September contracts. Lower row crops added pressure. Weekly export sales were within trade expectations and were again heavily weighted toward hard red winter wheat. Commentary suggests rains in Argentina this week missed some of the driest wheat areas there. Some analysts think Chicago wheat is trying to test early August lows. Brian Hoops of Midwest Market Solutions thinks we might see a rally. But don't expect much action today. Hoops: "Three-day weekend coming up as there is no trade on Monday. Usually traders try to play it quiet on Friday ahead of a 3-day weekend and then we will.look to come back." On Thursday Chicago December wheat was down 14 ¾ cents at 8-11. December corn down 8 ¼ at 5-87 ¾. Portland soft white wheat steady at $8 with some bids of a 15-20 cent premium for maximum 10.5 percent protein. Club wheat 8-10. HRW 11.5 % protein down 16 cents at 8-95. DNS 14% protein 11-21 cents lower at 9-52. Barley at the coast 235 dollars a ton. Live cattle futures settled higher Thursday on short covering and bargain buying. Feeder contracts were weak as cash markets declined. Oct live cattle up a nickel at 103-82. Oct feeders unchanged at 110-42. Oct Class III milk down eight cents at 16-26. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.