11/03/08 Still watching outside markets

Market Line November 3, 2008 Analysts say agricultural commodity futures may still get their direction this week from economic news and global equity markets. Friday wheat futures were mostly slightly lower. Nelson Byrd of the Linn Group at the Chicago Board of Trade says a stronger dollar was a factor. Byrd: "Short covering late in the day did help stop some weakness. Grains rallied the last 30 minutes of trade." Outstanding U.S. white wheat export sales as of October 23rd for this marketing year total just over 602 thousand metric tons compared to over 14-hundred-73 thousand last year at this time. On Friday Chicago December wheat was down 1 ¾ cents at 5-36 ¼. December corn down eight at 4-01 ½. Portland soft white wheat mixed at mostly 4-73. Maximum 10.5 percent protein $5. Club wheat 4-98. Maximum 10.5 protein 5-40. No hard red winter wheat bids. DNS 14% protein unchanged to a penny higher at 8-23. No Portland barley bids. Outside market strength, the stock market, helped cattle futures close higher Friday. Lower corn helped feeder contracts. Dec live cattle up 125 at 92-70. Jan feeders up 80 at 98-05. Dec Class III milk down three cents at 14-47. The All-milk price dropped from $18.20 in September to $17.60 in October but lower feed costs put the income over feed costs at $9.30 a hundredweight. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.