12/09/08 Commodities rally

Market Line December 9 , 2008 Wheat futures closed higher Monday helping cash prices. Brian Hoops of Midwest Market Solutions says the rally in the Dow helped the grains. Hoops: "Other factors affecting the grains, USDA dollar sharply lower. Crude oil sharply higher. I doubt that crude oil is going to go much below $40 a barrel for any extended length of time. It could push us lower maybe one more time in the grains but probably not for any extended period of time. Looks like the stock market is trying to find some stability and probably will after the first of the year but it could be a bit choppy her for the next couple weeks." Export inspections for wheat reported by the USDA Monday were disappointing and came in under the weekly total needed to meet projections. On Monday Chicago March wheat was up 15 cents at 4-90 ¼. March corn up 20 ¾ at 3-30. Portland soft white wheat any protein 15 cents higher at mostly 4-88. Maximum 10.5 percent protein higher at 5-03. Club wheat 5-88 with maximum 10.5 percent club wheat 6-03. No December hard red winter wheat bids at Portland. DNS 14% protein up 17 cents at 7-68. No Portland barley bids. Cattle futures closed higher Monday though off the day's highs as traders were said to not have much faith in any bullishness. Higher stocks and short covering were factors. Feb live cattle up 122 at 82-67. Jan feeders up 125 at 87-90. Jan Class III milk up 22 cents at 14-35. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.