09/12/08 Wheat futures stable going into USDA reports

Market Line September 12 , 2008 They were generally only fractional gains but wheat futures finally put in an up day Thursday. Joe Victor of Allendale Incorporated says most of yesterday's trading was pre-positioning ahead of this morning's release of USDA crop production and supply and demand reports. Victor: "However some outside fundamentals. Good weekly export sales on wheat. And of course the fact we are not only seeing good export demand but at the same time keeping an eye on Australia to see if t hey are going to continue to have problems or if those beneficial rains that are forecast do actually follow through." Cumulative white wheat exports for the current marketing year are 26.4 million bushels compared to 41.8 million a year ago. On Thursday Chicago December wheat was up a half cent at 7-26 ¼. December corn down 3 ½ cents at 5-33 ¼. Portland soft white wheat was steady to weak at mostly 7-10. Club wheat 7-20. HRW 11.5 % protein unchanged at 8-14. DNS 14% protein up a penny at 9-16. Barley at the coast 230 dollars a ton. Live cattle futures generally closed higher on short covering Thursday. Feeder contracts were lower. There some dressed basis sales in the Plains at a dollar lower a hundredweight than last week. Oct live cattle up 40 cents at 102-05. Oct feeders down 32 at 108-57. Oct Class III milk down six cents at 16-88. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.