11/17/08 Wheat up, cattle end week on down note

It wasn't just stocks and the crude oil market that got beat up last week while traders fretted about the recession. There was widespread selling that pressured corn and wheat. The Linn Group's Louise Gartner says US wheat exports face stiff competition especially from the Black Sea region. GARTNER "We have been hearing reports that they are considering subsidizing export sales. We've heard that the governments of both Russia and China are stepping up buying domestic stocks to support prices." On Friday Chicago December wheat was up 16 at 5.54 ¼. December corn up 3 1/4 to 3.80 ¼. Portland cash white 5.40 Dark Northern Spring 14 percent protein 8.35. The analytical firm Informa Economics told its clients Friday afternoon that late harvests and low prices discouraged winter wheat seeding, especially for soft red winter wheat. Informa says winter wheat seeding could drop to 44.1 million acres, down from 46.2 million acres this year. Good beef export numbers on Friday but it didn't help the futures markets which followed the Dow Jones lead. December live cattle down 50 cents to 90.05 January feeders lost 1.10 closing at 95.27 December Class III milk at Chicago gained .23 to close the week at 14.81.