10/02/08 Wheat futures lower; cattle mixed

Market Line October 2, 2008 Wheat futures closed lower Wednesday in light trading. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says there wasn't much fundamental news. Hoops: "We had a higher U.S. dollar contributing to weakness in wheat and funds looking to sell a little bit. They sold early and then we had a little bit of a bounce in the stock market and the crude oil and funds ended up selling late in the day once again." USDA issues the weekly export sales report this morning but Hoops doesn't expect the report to move the market. Light rains are expected in Argentina today and tomorrow but there is also a threat of frost there. On Wednesday Chicago December wheat was down 10 ¼ cents at 6-69 ¾. December corn down 3 ½ at 4-84. Portland soft white wheat steady to a nickel lower at mostly 6-25 with some premiums for maximum 10.5 percent protein. Club wheat 6-65. HRW 11.5 % protein down eight cents at 7-54. DNS 14% protein mixed at 8-69. No coast barley bids. Cattle futures closed mixed Wednesday. Profit taking and slow wholesale beef demand were cited. October and November feeders hit new lows. Dec live cattle up a dime at 100-47. Nov feeders down 12 at 103-60. Nov Class III milk down three cents at 15-55. The U.S. Department of Energy reports the average price of diesel on the West Coast dropped two-tenths of a cent this past week to 394.1 cents per gallon. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.