11/12/08 Japan changing wheat import contract

Market Line November 12, 2008 Wheat futures closed slightly higher Tuesday after early weakness from a stronger dollar and lower corn. Louise Gartner for the Linn Group at the Chicago Board of Trade says it looks like wheat futures are putting in a bottom and may be establishing a trading range with the upper end at last week's highs. Gartner also says the U.S. may be selling wheat to Japan again. Gartner: "We are seeing Japan try to step and change their import restrictions. They have been unable to buy U.S. wheat for two months. It looks like they are going to change that and force their importers to buy insurance. All of them to buy insurance which allows all of them to compete for government business. It is kind of an awkward situation but this should allow the government to step up and buy some wheat and allow these importers to get some sales done from the United States." On Tuesday Chicago December wheat was up 3 ¼ cents at 5-23 ¼. December corn down 9 ¼ at 3-74 ¼. No November Portland bids for soft white wheat or club wheat of any protein. December soft white unchanged at 5-15 to 5-20. Maximum 10.5 percent protein soft white for November 5-15 with maximum 10.5 club wheat at 5-55. HRW 11.5 % protein up six cents at 6-18. DNS 14% protein up six cents at 8-23. No Portland barley bids. Cattle traders generally ignored the fundamentals Tuesday and reacted to sharply lower stocks which sent cattle futures lower. Dec live cattle down 105 at 91-60. Jan feeders down 167 at 97-20. Dec Class III milk down 43 cents at 14-51. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.