10/24/08 Modest gains for wheat futures; cattle drop again

Market Line October 24, 2008 Wheat futures had some slight gains Thursday. Louise Gartner with the Linn Group at the Chicago Board of Trade says wheat was actually disappointing given how the day started, but she says it just can't find a friend. Gartner: "So this wheat complex continues to be plagued by an overwhelming bearish sentiment. Fundamentals are very bearish. Funds are using wheat as a short leg in the spreads. It just has very little support in it whatsoever." Weekly export sales were near the low end of expectations but remained above the average weekly rate needed to meet USDA export projections. Total white wheat export sales at 662 thousand metric are less than half of those last year at this time. On Thursday Chicago December wheat was up 5 ¼ cents at 5-23. December corn up 5 ¼ at 3-90 ¼. Portland soft white wheat mostly 4-63. Maximum 10.5 percent protein mostly 4-85. Club wheat 5-03. HRW 11.5 % protein up three cents at 5-98. DNS 14% protein eight to 21 cents higher at 7-66. No Portland barley bids. Cattle futures plunged again Thursday as the stock market was down during the trading session. Weakness in the cash market and concern about beef demand were cited. Dec live cattle down $2 at 89-87. Nov feeders down 2-15 at 96-77. Nov Class III milk up a penny at 15-80 while Dec 08 through May 09 all hit new lows for the year. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.