09/16/08 Wheat futures mixed amidst financial turmoil

Market Line September 16, 2008 Wheat futures closed mixed Monday with Chicago the strongest market. Analysts say there was buying interest on oversold conditions. A lower dollars was also called supportive. Some market observers say a lower trend will continue as long as the financial crisis continues to impact investors. This week's export inspections for wheat were down for the second week in a row at 19 million bushels compared to over 24 million last week. This report however covered the period after Hurricane Gustav closed loading facilities in the Gulf and also the lower Mississippi River. The Buenos Aires Grains Exchange says the drought in Argentina is worsening and the stressed wheat crop there may face further losses. On Monday Chicago December wheat was up 7 ¾ cents at 7-27. December corn down 1 ¼ at 5-62. Portland soft white wheat steady to three cents lower at mostly $7 with limited bids for nearby delivery. Club wheat 7-10. HRW 11.5 % protein up four cents at 8-14. DNS 14% protein up a penny at 9-07. Barley at the coast 200 dollars a ton. Oct live cattle up 160 at 103-75. Oct feeders down a dime at 108-82. Oct Class III milk down eight cents at 16-82. Live cattle futures were higher Monday feeder contracts lower. Technical factors and short covering supported live cattle. A slowly falling CME index was a negative for feeder contracts. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.