09/11/08 Sharp drop for soft white wheat

Market Line September 11, 2008 Lower wheat futures were pointed to as the reason for Portland cash soft white wheat falling up to 40 cents a bushel Wednesday. Losses in futures were much more moderate. Funds were sellers yesterday. Joe Victor of Allendale Incorporated there was negative news on an Egyptian tender Tuesday night. Recall that earlier this week Egypt complained about the quality of Black Sea wheat. Victor: "And Egypt did in fact buy wheat not only from France but surprisingly went right back to the same source, either Ukraine and or Russia. The U.S. was left entirely out. Overall, supportive news, Australia suggesting that, at least an independent group, that the crop is closer to 22-23 million tons versus 23 to 25 million tons, is supportive to the market." USDA issues crop production and supply and demand reports tomorrow. On Wednesday Chicago December wheat was down 4 ¾ cents at 7-25 ¾. December corn down 7 ¾ at 5-36 ¾. Portland soft white wheat 35 to 40 cents lower at 7-20. Club wheat 7-30. HRW 11.5 % protein down eight cents at 8-14. DNS 14% protein down nine cents at 9-15. Barley at the coast 230 dollars a ton. Cattle futures saw triple digit losses Wednesday on technical selling and cash market worries. Oct live cattle down a dollar at 101-65. Oct feeders down 152 at 108-90. Oct Class III milk up nine cents at 16-94. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.