11/11/08 Wheat numbers not friendly

Market Line November 11 , 2008 USDA raised both U.S. and world wheat ending stocks in its report Monday which was taken as bearish for wheat futures. Numbers for weekly export inspections were not good either falling below the average needed to meet USDA projections for the second week in a row. Louise Gartner for the Linn Group at the Chicago Board of Trade says futures may be trying to set a trading range for the winter months. Gartner: "Looking at the charts we did trade down pretty close the lows of a couple of weeks ago. The market did bounce off those lows with very little fundamental reason for it to move higher, particularly with the southern hemisphere harvest getting rolling. So it is very possible this wheat market is carving out some parameters for a trading range. We have seen it on the upside where the market did manage to rally back to the previous high where it failed and now we are testing the previous low." On Monday Chicago December wheat was down a penny at 5-20. December corn up eight at 3-83 ½. No nearby bids for Portland soft white wheat of any protein but December was higher at 5-15 to 5-20. Maximum 10.5 percent protein mostly 5-20 for November. Maximum 10.5 Club wheat 5-60. HRW 11.5 % protein down six cents at 6-12. DNS 14% protein unchanged to down nine cents at 8-17. No Portland barley bids. Live cattle futures were mostly higher Monday with feeders mixed. Live contracts benefited from early gains in stocks. Higher corn pressured feeders. Dec live cattle down 15 cents at 92-65. Jan feeders down 35 at 98-87. Higher cash cheese prices sparked a rally in milk futures with Dec Class III milk up 64 cents at 14-94. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.