09/29/08 Economic uncertainty negative for grain and cattle futures

Market Line September 29, 2008 Wheat futures closed lower Friday. Lack of congressional agreement on a financial bailout package by the end of trading caused longs to get out of ag commodities. There was also a lack of commercial support. There was talk that credit issues for U.S. shippers could add to the current competitive disadvantage of U.S. wheat. Russian and Black Sea wheat is seen as the most competitively priced. EU wheat prices have hit a 15-month low. Traders also see excellent planting weather in the U.S. Plains for winter wheat. On Friday Chicago December wheat was down 20 ¼ cents at 7-16. December corn down 15 ¼ at 5-43. Portland soft white wheat steady at mostly 6-65. Some premiums for maximum 10.5 percent protein. Club wheat 6-75. HRW 11.5 % protein down 19 cents at 7-96. DNS 14% protein 16-21 cents lower at 9-15. No Portland barley bids. Cattle futures closed mostly lower Friday. Slipping wholesale beef demand was cited as well as general economic uncertainty. Dec live cattle up 17 cents at 102-80. Nov feeders down 80 at 105-57. Nov Class III milk up eight cents at 16-60. USDA reported Friday that the U.S. hog inventory September 1st was up two percent from a year ago. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.