09/09/08 Interest in wheat futures trading waning

Market Line September 9, 2008 Wheat futures were generally lower Monday which pressured cash prices at Portland. Trading volume was light and some analysts pointed to a declining interest in wheat trading. Joe Victor of Allendale Incorporated says Iraq is tendering for wheat, however; Victor: "Technicals continue to be a dominant force, particularly in the Chicago market." Australia's key growing region of New South Wales received up to two inches of rain last week. Argentina however remains dry and so are the forecasts. The weekly crop progress report from USDA says Washington still has 17 percent of its spring wheat to harvest. Idaho still has 25 percent of its spring wheat to cut. Nationally 87 percent of the spring wheat crop has been harvested. The five year average for now is 90 percent. On Monday Chicago December wheat was down 7 ¾ cents at 7-43 ¾. December corn up a half cent at 5-49. Portland soft white wheat was five to 20 cents lower at mostly 7-65. Club wheat 7-75. HRW 11.5 % protein down a dime at 8-35. DNS 14% protein seven to eight cents lower at 9-22. Barley at the coast 230 dollars a ton. Live cattle futures were firm Monday with feeder contracts higher. Short covering and contract spreading was a feature for live cattle while technical factors and a discount to the CME index supported feeders. Oct live cattle up a dime at 103-05. Oct feeders up 62 at 111-30. Oct Class III milk up 18 cents at 16-86. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.