10/06/08 The post-bailout market

Market Line October 6, 2008 Wheat futures closed higher in Chicago and Kansas City Friday lower at Minneapolis. Funds were buyers of wheat. Now that Congress has passed the financial rescue package Brian Hoops of Midwest Market Solutions says; Hoops: "So that has been finalized and hopefully now we will see some stability enter the market and we won't see such wide price gyrations any longer." One thing traders may be checking on from over the weekend is rainfall in Argentina and whether there was a damaging frost. Soft white wheat exports for the current marketing year total 644.6 thousand metric tons compared to 1.6 million metric tons a year ago. USDA issues a new supply and demand report this Friday. On Friday Chicago December wheat was up 4 ¼ cents at 6-40 ¼. December corn unchanged at 4-54. Portland soft white wheat five to ten cents higher at mostly 6-35 with some premiums offered for maximum 10.5 protein. Club wheat 6-75. HRW 11.5 % protein up two cents at 7-16. DNS 14% protein one to six cents lower at 8-38. No Portland barley bids. It was a mixed close for cattle futures Friday. Fundamentals were bearish for live contracts and weekend position squaring was also cited. Feeders got support from short covering. Dec live cattle down 30 cents at 97-77. Nov feeders up 20 at 100-80. Nov Class III milk down a nickel at 15-62. The September Class III price is $16.28, down $1.04 from August and the lowest since April 2007. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.