12/08/08 Outside markets still in driver's seat

Market Line December 8, 2008 Wheat futures were lower Friday as there was pressure from a stronger dollar and lower crude. Nelson Byrd with the Linn Group at the Chicago Board of Trade explains what the grains need. Byrd: "We really need some strong fundamental news to help us divorce the grains from these outside markets. Right now, we just don't have it." Traders are worried the United States will be completely shutout of some large wheat orders by Pakistan and Morocco. The only new confirmed export sale for Pacific Northwest soft white wheat last week was to Japan. USDA issues a new supply and demand report this Thursday the 11th. On Friday Chicago March wheat was down 10 ½ cents at 4-75 ½. March corn down 24 ¾ at 3-09 ¼. Portland soft white wheat any protein 23 to 25 cents lower at mostly 4-75. Maximum 10.5 percent protein 4-90. Club wheat 5-63. Maximum 10.5 club wheat 5-78. Only 13 percent protein HRW bid at 6-13. DNS 14% protein two to eight cents lower at 7-41. No Portland barley bids. The unemployment report Friday was bad news for cattle futures which posted triple digit losses and new contract low for both live and feeder contracts. The concern is what will happen to beef demand. Feb live cattle down 162 at 81-45. Jan feeders down 145 at 86-65. Jan Class III milk down four cents at 14-13. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.