11/18/08 Sharply lower wheat and cattle futures

Market Line November 18, 2008 Wheat futures saw double digit losses Monday. Some traders said an advancing harvest in Argentina provided pressure. However, Joe Victor of Allendale Incorporated says Argentina has provided some positive news too. Victor: "And that is Argentina down grading its wheat crop size by 500-thousand tons. Some harvest delays in southeastern Australia, more specifically in New South Wales, but there are abundant supplies out there. Even though the production is up 12% year on year demand is up six percent increasing stocks near 24 million tons globally. That continues to have a little bit of a weighing effect on the wheat market." On Monday Chicago December wheat was down 20 ½ cents at 5-33 ¾. December corn up 5 ½ at 3-85 ¾. Portland soft white wheat unchanged to down a dime at mostly 5-28. No 10.5 maximum protein bids for November. Club wheat 5-75. HRW 11.5 % protein down 28 cents at 6-15. DNS 14% protein 23 to 28 cents lower at 8-15. No Portland barley bids. Cattle futures were sharply lower Monday as outside markets trumped cattle fundamentals. Dec live cattle down 175 at 88-30. Jan feeders down 137 at 93-90. Dec Class III milk up 11 cents at 14-92. After the close USDA reported October milk production in the major states up 1.5 percent from a year ago. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.