10/29/08 Surprise revisions from USDA

Market Line October 29, 2008 In a surprising move USDA made some revisions Tuesday morning to corn and soybean acreage, production and ending stocks numbers. There were no changes for wheat but futures moved higher in bullish reaction to the special USDA report. Wheat couldn't hang on however and closed lower. Louise Gartner with the Linn Group at the Chicago Board of Trade says Egypt tendered after the close. Gartner: "We'll see how we do there. Or course we have struggled in the export market the past few weeks to capture any significant sales. We've got lots of smaller sales. The suddenly very cheap freight rates have helped us. The dollar soaring into 2 ½ year highs has not helped us." The dollar did however put in a reversal yesterday. On Tuesday Chicago December wheat was down 15 ½ cents at 5-14. December corn up 5 ½ at 3-90 ¾. Portland soft white wheat steady at mostly 4-75. Maximum 10.5 percent protein 4-85. Club wheat $5. Twenty-five cent premium on 10.5 max protein. Again no HRW bids. DNS 14% protein down eight cents at 7-86. No Portland barley bids. Live cattle futures closed higher Tuesday due to a higher stock market and optimism about strengthening beef markets. Weaker cash feeder prices and higher corn pressured feeder contracts. Dec live cattle up a dime at 88-87. Jan feeders down 60 at 94-10. Dec Class III milk down a penny at 14-27. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.