09/19/08 Wheat futures fall; a Club wheat estimate

Market Line September 19, 2008 It was back to the downside for wheat futures and cash prices Thursday with Chicago December wheat closing below a key psychological level of $7. Lynn Smith of the Zaner Group in Chicago says weekly export sales for wheat were good at over 657-thousand tons, but that didn't matter given the nervousness in the financial markets. Smith: "Anyways the markets are quite sensitive to outside markets at this time in the grains and as wheat, even though the fundamentals haven't changed that much, sold off." The Washington Wheat Commission is estimating this year's PNW Club wheat production at from seven to 7.5 million bushels, nearly half that of last year. Ending stocks could get down to one million bushels. On Thursday Chicago December wheat was down 33 cents at 6-92 ¾. December corn down 26 ¾ at 5-27 ¼. Portland soft white wheat down 15 cents at mostly 6-35 on limited bids and some premiums for maximum 10.5 protein. Club wheat lower at 6-45. HRW 11.5 % protein down 28 cents at 7-84. DNS 14% protein down 25 cents at 8-87. No bids for September delivered barley. Cattle futures plunged Thursday with broader economic concerns said to have overpowered fundamentals. There is a USDA Cattle on Feed Report today. Oct live cattle down 210 at 100-dollars-50 cents. Oct feeders down 212 at 104-17. Oct Class III milk up 37 cents at 17-55. USDA reports August milk production in the major producing states was up 1.5 percent from August of 2007. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.