10/20/08 Commodity recovery; friendly cattle report

Market Line October 20, 2008 Traders will catch up on any weekend financial developments this morning but Friday wheat futures closed higher in what was described as a broad recovery by commodities. Nelson Byrd with the Linn Group at the Chicago Board of Trade called it a nice bounce. Byrd: "The grains all ended well into positive territory. Higher crude paired with a quieter day on Wall Street and increased demand helped sponsor a nice bounce. Seems after this huge decline traders might be realizing the market may be in fact oversold." Wheat export sales for week were at the low end of expectations Friday, with white wheat actually negative due to a cancellation. On Friday Chicago December wheat was up 11 cents at 5-66 ¼. December corn up 18 ½ at 4-03. Portland soft white wheat was down ten cents to up five at mostly 5-15. Premiums on maximum 10.5 percent protein. Club wheat 5-53. HRW 11.5 % protein up a dime at 6-43. DNS 14% protein eight to 18 cents higher at 7-90. No Portland barley bids. Friday's Cattle on Feed report came in close to expectations with the on feed numbers down five percent from a year ago, placements down 5.5 percent and marketings up nearly 7 percent. The call was slightly positive. Ahead of the report cattle futures were higher. Dec live cattle up 172 at 92-55. Nov feeders up 192 at 98-65. Nov Class III milk down 27 cents at 15-69. After the close USDA reported September milk production in the 23 major states was up 1.9 percent from a year ago. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.