10/08/08 Egypt finally buys some U.S. wheat

Market Line October 8, 2008 There were no major corrections in the commodity markets Tuesday but wheat futures closed higher while corn's bearish momentum took it lower. Louise Gartner with the Linn Group at the Chicago Board of Trade says the U.S. finally made a wheat sale to Egypt. Gartner: "They bought 55-thousand tons of U.S. soft red winter and also 55-thousand tons of Russian wheat. So, it was encouraging to see the U.S. get back in the game as far as competing against the Black Sea into the key market of the Egyptians." On Tuesday Chicago December wheat was up eight cents at 6-03 ¼. December corn down seven at 4-17. Portland soft white wheat steady to a dime lower at mostly 5-85. Some premiums for max. 10.5 protein. Club wheat 6-25. HRW 11.5 % protein up six cents at 6-79. DNS 14% protein up a penny at 7-96. No Portland barley bids. Live cattle futures were higher Tuesday on short covering and thoughts Monday's plunge was overdone. Feeders followed and were helped by still lower corn. The Linn Group's Gartner says the cash feeder market however is in meltdown as feedlots can't get credit to purchase animals. Feeder cattle were one to five dollars lower this week at Stockland in Davenport, Washington. In the futures Dec live cattle up 32 cents at 95-10. Nov feeders up 85 at 98-65. Nov Class III milk up 32 cents at 15-67. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.