Market Line September 2, 2008 Markets are open today after the three-day holiday weekend. On Friday wheat futures were mostly lower. Deliveries were large at Chicago and Kansas City and the International Grains Council boosted its estimate of world wheat production this year another ten million metric tons up 672 million, which is a record.
Brian Hoops of Midwest Market Solutions details his expectations for the post-Labor Day market.
Hoops: "Generally we have a rally, especially in the wheat, after first notice day. So we could expect wheat to go test some of these support levels and lows and then turn higher. Corn and beans look to push lower into the first part of the month before turning higher as well. Now, seasonally wheat normally makes its highs in the middle of the month but I look for a little bit of a counter-seasonal move this year."
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.
Traders will be trying to gauge weekend beef clearance as they return to action today. Friday cattle futures did post gains on profit taking and short covering. 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.
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