09/22/08 Calmer outside markets help grain futures

Market Line September 22, 2008 Wheat futures posted gains in the 20 cent range Friday. Lynn Smith of the Zaner Group in Chicago points out that despite the roller coaster action last week Chicago December wheat was nearly unchanged on the week, down just 1 ½ cents. Smith: "The reason for the jump on Friday was basically short covering going into the weekend. The crude oil was very strong. Financial markets were strong based on the rescue plan that the Fed is trying to work out with the Treasury and Congress." Smith says the weekly export inspection report will be a focus of traders today. Only light rain is now forecast in the very dry areas of Argentina. On Friday Chicago December wheat was up 25 ¼ at 7-18. December corn up 15 at 5-42 ¼. Portland soft white wheat steady at mostly 6-35 with some premiums offered for maximum 10.5 percent protein. Club wheat 6-45. HRW 11.5 % protein up 23 cents at 8-07. DNS 14% protein 21-31 cents higher at 9-13. No immediate delivery barley bids. The bullish outside markets and short covering helped cattle futures post strong gains Friday ahead of USDA's Cattle on Feed report. The feedlot inventory as of September 1st was pegged down three percent, placements last month down three percent and marketings down nine percent. On Friday Oct live cattle up 105 at 101-55. Oct feeders up 167 at 105-85. Oct Class III milk down six cents at 17-49. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.