09/01/08 A market holiday

Market Line September 1, 2008 Futures exchanges and USDA Market News are closed today for the Labor Day Holiday. The weekly crop progress reports will be delayed a day until after the markets close on Tuesday. That will provide an update on spring wheat harvest progress and development of the corn crop. On Friday wheat futures were mostly lower once again on light to moderate volume ahead of the long weekend. There were heavy deliveries at Chicago on September contracts. The International Grains Council raised its estimate of an already record large world wheat crop adding on ten million metric tons. That puts the crop at 672 million tons. Weekend rains were forecast over parts of Australia's eastern wheat producing area. On Friday Chicago December wheat was down 9 ¾ cents at 8-01 ¼. December corn down 2 ¾ at 5-85. Portland soft white wheat mostly 8-20. Club wheat 8-30. HRW 11.5 % protein 8-90. DNS 14% protein 9-63. Barley at the coast 235 dollars a ton. Cattle futures were higher Friday with profit taking and short covering cited as features of the trade. Cash fed cattle sold last week at $99 a hundredweight. Oct live cattle up 22 cents at 104-05. Oct feeders up 52 at 110-95. Oct Class III milk down 15 cents at 16-11. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.