11/21/08 Black Sea wheat snags exports

Market Line November 21, 2008 Wheat futures were lower at all three exchanges Thursday. Pressure from lower crude oil, a stronger dollar and fund selling were cited. The weekly export sales report came in at the high end of expectations but Louise Gartner for the Linn Group at the Chicago Board of Trade says there is a lot of pressure in the export market. Gartner: "With the Black Sea continuing to beat the drum with lower prices we have seen three sales now go directly to the Black Sea. Jordan, Syria and Egypt all buying Black Sea wheat in the last couple days. United States did score a sale to Japan on one of their regular purchases but it is clear the Black Sea is going to continue to be a aggressive seller." On Thursday Chicago December wheat was down 15 ¼ cents at 5-11 ¾. December corn down 15 at 3-63 ¾. Portland soft white wheat any protein down 15 cents at mostly 5-23. No bids for November maximum 10.5 percent protein. Club wheat any protein 5-80. HRW 11.5 % protein 10-15 cents lower at 5-96. DNS 14% protein down six cents at 7-99. No Portland barley bids. Position evening could be a feature for cattle futures today as USDA issues a Cattle on Feed report after the close. Thursday live cattle contracts were higher on short covering and technical factors although cash fed cattle sold several dollars lower than last week. Feeder contracts were mixed. Dec live cattle up 160 at 85-80. Jan feeders down a dime at 89-75. Dec Class III milk down 20 cents at 14-70. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.