09/15/08 Soft white selling picks up

Market Line September 15, 2008 USDA's reports Friday proved bullish for corn with lower yield estimates but bearish for wheat. Joe Victor of Allendale Incorporated says USDA made no changes in U.S. wheat supply and demand or production numbers. Victor: "However, a near three million metric ton increase in world wheat stocks from 136 to 139 million tons. We are now looking at world stocks-to-use at 18% versus at year ago level of 16.2% and domestically a near doubling of the stocks-to-use from last year's 13.1 percent. New crop 2008-2009 marketing year we are now .looking at 25%." 27 The U.S. is going to give Pakistan 50-thousand tons of wheat under a food aid package. On Friday Chicago December wheat was down seven cents at 7-19 ¼. December corn up 30 cents at 5-63 ¼. Portland soft white wheat 15 to 22 cents lower at mostly 6-90 with increased country selling noted. Club wheat $7. HRW 11.5 % protein down four cents at 8-10. DNS 14% protein three to 13 cents lower at 9-06. Barley at the coast 230 dollars a ton. Live cattle futures closed higher Friday on higher corn and short covering. That supported feeder contracts too despite higher corn futures. USDA now pegs new crop corn season average prices at $5.50 a bushel. Oct live cattle up a dime at 102-15. Oct feeders up 35 at 108-92. Oct Class III milk up two cents at 16-90. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.