10/01/08 Wheat futures mixed; corn under $5

Market Line October 1, 2008 Wheat futures closed higher at Chicago And Kansas City Tuesday, mixed at Minneapolis. Wheat did not get close to regaining Monday's big losses but Brian Hoops of Midwest Market Solutions in Yankton South Dakota says traders generally ignored the outside markets and focused on fundamentals in USDA's Small Grain Summary and Quarterly Grains Stocks report. While USDA wheat production number was higher than expected, stocks were lower. Hoops: "Wheat stocks less than expected at 1.857 billion bushels versus estimates of 1.932." Total U.S. wheat production for 2008 was pegged at 2.5 billion bushels. Total U.S. soft white wheat production for 2008 is 225 million bushels, up from 199.5 million last year. More rains are forecast this week in Australia and Argentina. On Tuesday Chicago December wheat was up 12 cents at 6-80. December corn down 25 ½ at 4-87 ½. Portland soft white wheat steady at mostly 6-35 with some premiums for maximum 10.5 percent protein. Club wheat 6-75. HRW 11.5 % protein mostly 7-62. DNS 14% protein unchanged at 8-77. No Portland barley bids. Live cattle futures were higher Tuesday on short covering and thoughts that Monday's sell-off was overdone. Those factors also helped feeder contracts as did lower corn. Dec live cattle up 85 cents at 85-90. Nov feeders up 115 at 103-72. Nov Class III milk down 24 cents at 16-56. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.