12/04/08 Lower wheat and cattle futures

Market Line December 12, 2008 It was a choppy session for wheat futures Wednesday with contracts finally ending on the downside. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange says there wasn't much influence from outside markets. This morning will be the weekly export sales report. Chiodo: "I don't really have a lot of hope for anything dynamic going on. I thought we'd be in a reasonable trading range here but it looks like we are gravitating toward the lower end of the range and trying to find out how low is low. I still do think that $5 on the front end of the Chicago wheat is pretty good support. We are 20 cents off of that." Stats Canada updates production today and some traders think wheat production will be increased. On Wednesday Chicago March wheat was down 8 ¾ cents at 5-19 ¾. March corn unchanged at 3-48 ¼. Portland soft white wheat any protein steady to a dime higher at mostly 5-15. Maximum 10.5 percent protein higher at mostly 5-25. Club wheat 5-85. Maximum 10.5 club wheat $6. HRW 11.5 % protein nine to 14 cents lower at 5-86. DNS 14% protein down a penny at 7-81. No Portland barley bids. Cattle futures were lower Wednesday as traders were said to be more interested economic concerns than market fundamentals. Boxed beef was sharply lower and some lower isolated cash fed cattle sales were reported. Feb live cattle down 87 cents at 84-07. Jan feeders down 65 at 88-35. Jan Class III milk down 13 cents at 14-23 with lower cheese prices providing pressure. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.