11/14/08 Grains follow Dow and crude leads

I'm Bill Scott and this is Marketline&.. Grain futures followed the stock market higher Thursday afternoon as investors covered some short positions made earlier this week amid recessionary concerns. There's also a lot of talk about the USDA projection of a record world wheat crop, 682 million metric tons worth. The Linn Group's Nelson Byrd says all the talk was overshadowed yesterday by late trading in New York. BYRD "The grains responded to the reversal in both the Dow and the crude market. Corn, beans and wheat all finished higher. Continue to watch the equities and energy markets as we try to identify a bottom amidst all of this economic turmoil, also look for export numbers." Those numbers come out today. On Thursday Chicago December wheat was up 5 ¼ to 5.38 ¼. December corn 3.77 up 7 ½. Portland cash white wheat any protein for November delivery mostly 5.30. Club White mostly 5.75. Pacific Northwest HRW 11.5 percent protein mostly 6.28 up .03. Dark Northern Spring 14 percent protein up .14 to 8.38. December live cattle added a quarter to close at 90.55 January feeders up .15 to 96.37. December Class III milk at Chicago up .13 to 14.58.