09/10/08 Wheat falls further

Market Line September 10, 2008 Tuesday was another down day for wheat futures which again drove Portland cash prices lower. Lower crude oil pressured corn and analysts say that spilled over to wheat. There was no benefit to the U.S. but Joe Victor of Allendale Incorporated says some buyers of Black Sea wheat have been less than satisfied. Victor: "That at least Egypt and Tunisia rejecting shipments of Ukrainian wheat on arrival finding out that it is substandard quality. And what Egypt and Tunisia have done is immediately replaced that milling quality need with French wheat. Really had no impact on the wheat futures. Didn't move'em. This is in wheat futures that are still transfixed under technical downward pressure, technical selling." Stats Canada issues a grains stocks report today. On Tuesday Chicago December wheat was down 13 ¼ cents at 7-30 ½. December corn down 4 ½ at 5-44 ½. Portland soft white wheat five to ten cents lower at mostly 7-50. Club wheat 7-65. HRW 11.5 % protein down 13 cents at 8-22. DNS 14% protein two to three cents lower at 9-24. Barley at the coast 230 dollars a ton. Cattle futures were lower Tuesday. Pressure came from cash fed cattle market worries and fallout from lean hog futures. Technical factors were also at play for feeder contracts. Oct live cattle down 40 cents at 102-65. Oct feeders down 87 at 110-42. Oct Class III milk down a penny at 16-85. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.