11/07/08 Outside markets negative again for wheat and cattle

Market Line November 7, 2008 Wheat futures were lower again Thursday with traders blaming the lower stock market, lower crude and a higher dollar for weakness in grains. The weekly export sales report for wheat was at the low end of expectations. The sales were heavily weighted towards hard red winter and hard red spring wheat. Louise Gartner with the Linn Group at the Chicago Board of Trade says there was some news regarding Pakistan from the USDA. Gartner: "It was announced that U.S will supply Pakistan with a million tons of wheat with deferred payment. So that will get some wheat moving and it wasn't exactly price supportive." Maybe not to futures but Portland soft white was unchanged to higher. On Thursday Chicago December wheat was down 14 ¾ cents at 5-22 ½. December corn down 12 ¼ at 3-78. Portland soft white wheat steady to 15 cents higher at mostly 4-90. Maximum 10.5 percent protein 5-10. Club wheat 4-90 with 10.5 maximum protein at 5-50. HRW 11.5 % protein 13 to 14 cents lower at 6-13. DNS 14% protein down ten to 13 cents at 8-12. No Portland barley bids. The lower stock market was negative for cattle futures Thursday with contracts closing lower. The continued decline in corn didn't help feeder contracts. Dec live cattle down 97 at 93-30. Jan feeders down 180 at 98-97. Dec Class III milk down two cents at 13-98. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.