09/23/08 Crude oil and dollar influence grains

Market Line September 23, 2008 Wheat futures had gains again Monday. The federal government's bailout for Wall Street sent the dollar down and crude oil up and that benefited grain futures. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange expects this scenario to continue. Chiodo: "With this kind of bailout I can't see anything but a much lower dollar back down to where our lows were earlier in the year and that is usually good for commodities as our dollar-based commodities are cheaper on the world market to come and pick it up." Fundamentally positive for wheat was news that little rain is now expected over the drought stressed areas in Argentina this week. On Monday Chicago December wheat was up 19 3/4 cents at 7-37 ¾. December corn up 16 ¼ at 5-58 ½. Portland soft white wheat was steady to 15 cents higher at mostly 6-50 with some premiums for maximum 10.5 percent protein. Club wheat mostly 6-60. HRW 11.5 % protein up 17 cents at 8-24. DNS 14% protein up 14 cents at 9-27. No barley bids. Cattle futures were mostly higher Monday. Traders considered Friday's Cattle on Feed report slightly friendly because of light placement and on-feed numbers. Oct live cattle up 90 cents at 102-45. Oct feeders up 120 at 107-05. Oct Class III milk up 17 cents at 17-66. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.