09/03/08 Wheat starts September sharply lower

Market Line September 3, 2008 It was 30 cent a bushel or more losses for most wheat futures Tuesday and that drove cash prices at Portland lower too. Heavy deliveries and a rally in the dollar were bearish for wheat futures. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota says lower crude was the big downward driver. Georgantones: "I know in Chicago at least $2 off the highs we established a little over a week ago. So they have really come after it. Demand has actually been holding in. The weather I think has actually been a little bit bullish but the market can't buy a friend right now. With crude oil down six dollars over night, that was the catalyst that beat up all the commodities pretty good. The only ones that came back were the ones where you just don't have a large fund presence." Pakistan is said to have purchased 80-thousand metric tons of Black Sea wheat. On Tuesday Chicago December wheat was down 34 ½ cents at 7-66 ¾. December corn down 15 ¾ at 5-69 ¼. Portland soft white wheat 25 to 33 cents lower at mostly 7-90. Club wheat $8. HRW 11.5 % protein down 29 cents at 8-61. DNS 14% protein down 30 cents at 9-33. Barley at the coast 230 dollars a ton. Live cattle futures were mixed Tuesday with feeders higher. The general commodity sell off pressured live contracts while lower corn was good for feeders. Oct live cattle down 30 cents at 103-75. Oct feeders up 77 at 111-72. Oct Class III milk down three cents at 16-08. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.