09/04/08 Corn slips but wheat markets gain

For the second consecutive day, what looked to be a market collapse was stymied Wednesday with both corn able to trim losses and wheat closing higher for the day, Portland up four to 8 cents. Market analyst Peter Georgantones of Investment Trading Services says a lot of people are waiting for next week's crop report. GEORGANTONES "I think wheat might rally back a little bit here over the next week or two. I just think we're beating it up pretty good. I think we're due for some sort of a dead cat bounce in the other direction. Pretty quiet times this time of the year we're trying to see what the crop report says here come September 12th and then move on from there I think." News reports say Egypt bought wheat, some of it was US, about one third total. On Wednesday Chicago December wheat gained 8 to 7.74 ¾. December corn down 7 at 5.62 ¼. Portland cash white 7.85 Club White 7.95 Pacific Northwest HRW 11.5 percent protein 8.69 to 8.79 up, 8. Dark Northern Spring 14 percent protein up 5 to 9.38. Barley at the coast 215 per ton. October live cattle down ¾ at 103.15. October feeders off 1.45 to 110.27. October Class III milk at Chicago 16.01, down .07.