10/15/08 Stocks weigh on grains

Market Line October 15, 2008 Wheat futures were lower Tuesday in what was generally described as a quiet session. Wheat had started the day higher but when the stock market dropped so did grain futures including wheat. Weekly export inspections for wheat were 22.1 million bushels. They need to average 15.6 to meet USDA projections. Louise Gartner with the Linn Group at the Chicago Board of Trade says dryness is still a problem in Australia. Gartner: "Many regions have just not had the rains come through and they are starting to really ratchet down production prospects there. Certainly we will see another pullback in Australian production estimates over the next couple of weeks, but they are well into the final phases of their growing season as well. We expect to see that harvest pressure upon us in the next month or so." On Tuesday Chicago December wheat was down 15 ½ cents at 5-73. December corn down ¼ cent at 4-11 ¼. Portland soft white wheat was mixed at mostly 5-40 with some premiums for maximum 10.5 percent protein. Club wheat 5-85. HRW 11.5 % protein down 14 cents at 6-58. DNS 14% protein down nine cents at 7-84. No Portland barley bids. Cattle futures saw modest gains Tuesday. Higher stocks in the early going were supportive and contracts did not follow stocks as they turned lower. There is also some optimism for higher cash fed cattle this week. Dec live cattle up 35 cents at 93-35. Nov feeders up 87 at 97-05. Nov Class III milk up 15 cent at 15-90. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.