10/16/08 Outside markets still impacting grains

Market Line October 16, 2008 Wheat futures saw sharp losses again Wednesday. Nelson Byrd with the Linn Group at the Chicago Board of Trade points to the big drop in the Dow Wednesday. Byrd: "We are firmly planted in a bear market with the equity's market down an astounding 8% despite government efforts I expect continued weakness in the grains. Corn, beans and wheat finished lower across the board. Crude is off almost $5 and there seems to be added concern for the demand side. Low prices however may be the cure for low prices." 19 Other commentators point out that even traders who think the grain futures are oversold won't step in as buyers right now. On Wednesday Chicago December wheat was down 17 ¼ cents at 5-55 ¾. December corn down 23 ¼ at 3-88. Portland soft white wheat steady to a nickel lower at mostly 5-40 with premiums for maximum 10.5 percent protein. Club wheat 5-80. HRW 11.5 % protein down 23 cents at 6-35. DNS 14% protein down 15 cents at 7-84. No Portland barley bids. Lower stocks were also negative for cattle futures Wednesday as they posted steep losses. Even lower corn didn't help feeders. Live contracts hit new lows. Dec live cattle down 252 at 90-82. Nov feeders down 122 at 95-82. Nov Class III milk up a nickel at 15-95. USDA issues a Cattle on Feed report tomorrow. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.