11/19/08 Wheat futures slightly lower; cattle down hard again

Market Line November 19, 2008 Wheat futures opened higher but couldn't hang on to the gains Tuesday and closed lower. It was described as a choppy session with no real news. Some traders said scattered delays in the Australian harvest was supportive. Louise Gartner for the Linn Group at the Chicago Board of Trade says some export business is lining up. Gartner: "We see Pakistan is in for about 500-thosuand.of wheat. It was rumored last week that they would be interested in 750, but there was talk today for 500. There was also talk that Egypt would be in for another tender." Japan is also holding its weekly tender. By the way, a cargo ship of wheat was reported seized by pirates in the Gulf of Aden yesterday. This follows the seizure of an oil tanker by pirates in the region earlier in the week. On Tuesday Chicago December wheat was down four cents at 5-29 ¾. December corn down 5 ¾ at 3-80. Portland soft white wheat any protein five to 15 cents higher at mostly 5-38. No November maximum 10.5% bids. Club wheat any protein 5-83. HRW 11.5 % protein down a nickel at mostly 6-10. DNS 14% protein eight to 15 cents lower at 8-07. No Portland barley bids. Cattle futures say big losses again on Tuesday. Although the Dow closed higher weakness during the day pressured cattle contracts. Most feeder contracts dropped to new monthly lows. Dec live cattle down 115 at 87-15. Jan feeders down 265 at 91-25. Dec Class III milk up 20 cents at 15-12. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.