11/04/08 Aussie crop estimates turn up

Market Line November 4, 2008 Wheat futures saw strong gains Monday. Short covering was a feature in Chicago. USDA's weekly export inspection report for wheat came in lower than is needed on a weekly basis to reach USDA projections. Louise Gartner with the Linn Group at the Chicago Board of Trade says recent rains improved the wheat prospects in Australia. Gartner: "The western Australia state has had some good rains over the past couple of weeks and we are starting to see estimates improve out of that region, so that is increasing all of Australia's production estimates. They will no doubt be very aggressive exporters trying to recapture some market share than as been lost over the last couple years." USDA reported Monday that 90 percent of the U.S. winter wheat crop is now planted, just two points behind the five year average. On Monday Chicago December wheat was up 25 ¾ cents at 5-62. December corn up 1 ½ at 4-03. Portland soft white wheat as 15 cents higher at mostly $5. Maximum 10.5 percent protein mostly 5-10. Club wheat $5 and 5-50 for maximum 10.5 protein. HRW 11.5 % protein 6-48. DNS 14% protein higher at 8-39. No Portland barley bids. Cattle futures were mostly higher Monday. Expectations are for steady to higher cash fed cattle this week. Contract spreading was also a feature. Dec live cattle up 62 cents at 93-32. Jan feeders up 112 at 99-17. Dec Class III milk down 22 cents at 14-25. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.