10/31/08 Another larger estimate of wheat production

Market Line October 31, 2008 Wheat futures on Thursday gave back about half of Wednesday's big gains as there was no follow through from that rally. Some commentators called the weekly export sales report for wheat disappointing, Louise Gartner with the Linn Group at the Chicago Board of Trade said they were as expected. However: Gartner: "The wheat market also finding some negative news. The International Grains Council once again increased world production another seven million tonnes. That takes it up to 683 million tonnes. That is about three higher than USDA's most recent estimate. We continue to see this big crop in wheat get bigger. Every month we continue to see these estimates improve and that just keeps a lid on wheat prices." The largest portion of the weekly export sales reported were for hard red winter followed by hard red spring. On Thursday Chicago December wheat was down 23 ¼ cents at 5-38. December corn down 11 ¼ at 4-09 ½. Portland soft white wheat five to ten cents lower at mostly 4-78. Maximum 10.5 percent protein for November 4-95. Club wheat 5-03. Maximum 10.5 protein 5-35. HRW 11.5 % protein 6-29. DNS 14% protein 8-22. No Portland barley bids. Cattle futures put in a second day of gains Thursday on better fundamentals and a positive stock market. Cash fed cattle sold higher than last week and wholesale beef demand looked more positive. Dec live cattle up 45 cents at 91-45. Jan feeders up 135 at 97-25. Dec Class III milk up a penny at 14-50. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.