11/06/08 Market instability continues

Market Line November 6, 2008 Stocks and ag commodities were mostly lower Wednesday in what some observers said were risk averse investors getting out given the new political climate in the wake of the election. Louise Gartner says the lower stock market did not help grains or wheat futures. Gartner: "So the grain complex finding some spillover pressure from the fears of recession, fears of world recession on top of that. And certainly a lower crude oil market taking the energy away from alternative energies. So the grain complex looks like it is turning south again." The Australian government has lowered its estimate of the wheat crop down under to 19.9 million metric tons, which compares to USDA's last estimate of 22 million. On Wednesday Chicago December wheat was down 35 ¼ cents at 5-37 ¼. December corn down 22 ¾ at 3-90 1/4. Lower futures weighed on Portland soft white wheat with bids which were steady to down 40 cents at mostly 4-83. Maximum 10.5 percent protein 5-05. Club wheat 4-83. Maximum 10.5 protein 5-45. HRW 11.5 % protein down 32 cents at 6-27. DNS 14% protein lower at 8-25. No Portland barley bids. Only the nearby live cattle contract was higher Wednesday with support from bullish boxed beef while lower equities pressured deferred contracts. Feeder contracts were higher on lower corn. Dec live cattle up 42 cents at 94-27. Jan feeders up 47 at 100-47. Dec Class III milk down 15 cents at $14. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.