10/13/08 Negative USDA numbers

Market Line October 13, 2008 Some analysts say grain futures probably would have posted sharp losses Friday, because of outside markets, even without negative USDA reports. USDA numbers were bearish though and for wheat showed larger world wheat supplies and carryout and higher U.S. ending stocks than expected. Louise Gartner of the Linn Group at the Chicago Board of Trade says world wheat supplies are approaching burdensome levels. Lower prices can attract export business and Gartner says Egypt tendered Friday. Gartner: "Of course lower prices, much lower than a week ago when they out a tender. We shared the last tender with the Black Sea. We'll see what that brings Monday morning." On Friday Chicago December wheat was down 41 ¼ cents at 5-63 ½. December corn down 30 at 4-08 ¼ . Portland soft white wheat 35 to 45 cents lower on the sharply lower wheat futures at mostly 5-35 with premiums for maximum 10.5 protein. Club wheat 5-75. No Portland quotes for HRW. DNS 14% protein 38-43 cents lower at 7-62. No coast barley bids. There were negative fundamentals for cattle futures last week with lower cash fed cattle and beef prices but analysts pointed primarily to the outside markets for a limit down move Friday in both live and feeder contracts. Traders will continue to watch economic developments this week. Dec live cattle down $3 at 91-30. Nov feeders down $3 at 95-05. Nov Class III milk down 34 cents at 15-69. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.