09/24/08 Gains for wheat; cattle lower

Market Line September 24, 2008 Wheat futures closed higher again Tuesday. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange says volume was light and there wasn't much to trade on with outside markets again influencing the grains. USDA did announce the sale of 116-thousand tons of U.S. wheat to unknown destinations. Chiodo: "I never did track down who it went but some wheat went out the door here. I suspect there is more peeking around the horn here. That is why we had a pretty good rally late in the session. Wheat was a little bit doggy there in the first half. Just as bad as the corn and beans almost but later they led the rally up as soon as crude oil turned." There were some beneficial rains in New South Wales in Australia this week with rain expected in the western wheat growing areas later this week. On Tuesday Chicago December wheat was up 12 ¾ cents at 7-50 ½. December corn up 1 ¾ at 5-60 ¼. Portland soft white wheat steady to a nickel higher at mostly 6-55. Some premiums for maximum 10.5 percent protein. Club wheat mostly 6-75. HRW 11.5 % protein three to eight cents higher at 8-32. DNS 14% protein up 12 cents at 9-39. No barley bids. Cattle futures were lower Tuesday with profit taking called a trading feature. Steady to lower cash feeder prices put pressure on feeder futures. Oct live cattle down 25 cents at 102-20. Oct feeders down 45 at 106-60. Oct Class III milk down 20 cents at 17-46. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.