10/09/08 Wheat futures higher; cash soft white lower

Market Line October 9, 2008 Wheat futures had some modest gains Wednesday. Trading in the grains was said to be quiet. Louise Gartner with the Linn Group at the Chicago Board of Trade says there was continued support from Egypt's purchase of U.S. wheat this week. Gartner: "There was news that Iran is back in the market but they are only tendering for Australian wheat. Wheat in itself having tested the lows of Monday after a gap-down day markets have found some stability. Very quiet trade, but it looks like the market is finding some stability after reaching those downside targets and after a gap lower." There have been beneficial rains this week in western Australia but more is needed there and in the east. On Wednesday Chicago December wheat was up 4 ¾ cents at 6-08. December corn up 10 ½ at 4-27 ¼. Portland soft white wheat 10-30 cents lower at mostly 5-70 with most exporters offering 25 to 30 cent premiums for maximum 10.5 percent protein for November delivery. Club wheat 6-05. HRW 11.5 % protein up four cents at 6-83. DNS 14% protein up eight cents at 8-04. No coast barley bids. After being limit down in some contracts live cattle futures managed to close weak Wednesday on falling live cattle and boxed beef prices. Feeder contracts were uneven with higher corn a negative. Dec live cattle down 15 cents at 94-95. Nov feeders down 32 at 98-32. Nov Class III milk up 11 cents at 15-78. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.