10/22/08 Dollar sends grains lower

Market Line October 22, 2008 Wheat futures closed lower Tuesday. Nelson Byrd with the Linn Group at the Chicago Board of Trade says outside markets impacted the grains yesterday. Byrd: "There was a little rebound off daily lows in the grains, however everything ended in downside territory. A stronger dollar and lower crude were seen as impediments. Keep an eye on outside markets as an indicator on what is to come in the grains." The Euro was particularly weak making EU wheat that much cheaper in the export market. On Tuesday Chicago December wheat was down 14 ½ cents at 5-49. December corn down 7 ½ at 4-11. USDA Market News reported no prices for Portland cash soft white wheat of any protein Tuesday as exporters were not issuing bids. Bids for maximum 10.5 percent protein dropped 25 to 35 cents at mostly 4-90 with Club wheat lower at mostly $5. Country selling was described as light to moderate. HRW 11.5 % protein down 14 cents at 6-27. DNS 14% protein down 13 cents at 7-80. No coast barley bids. Cattle futures closed higher Tuesday. Short covering was a feature for both live and feeder contracts. Lower corn helped feeders. Dec live cattle up 90 cents at 92-97. Nov feeders up 85 at 99-45. Nov Class III milk up 12 cents at 15-72. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.