10/21/08 Export inspection report drags wheat down

While corn and soybeans were able to power to new highs late Monday, wheat contract languished in lower territory for the day. Market analyst Lynn Smith in Chicago says when the export inspection report came out wheat fell. SMITH "They came in at 16 million bushels versus 22 million bushels last week and analysts had been expecting a range of between 21 and 26 bushels but the market did start to come back after. I think that a stronger soybean market and corn tended to pull the wheat back up." On day Chicago December wheat was off 2 ¾ at 5.63 ½. December corn gained 15 ½ to close at 4.18 ½. Bids for US 1 Soft White Wheat any protein for October Portland delivery were not available as most exporters were not issuing bids. Bids for soft white wheat with a maximum of 10.5 percent protein were steady to 10 cents per bushel lower than Friday. Pacific Northwest HRW 11.5 percent protein 6.41 down .02. Dark Northern Spring 14 percent protein 7.93 up .03. December live cattle 92.07 down .47. November feeders off a nickel at 98.60. November Class III milk at Chicago 15.60 down .09.