12/10/08 Slight increase in Aussie wheat crop estimate

Market Line December 10, 2008 Wheat futures were narrowly mixed Tuesday. Louise Gartner for the Linn Group at the Chicago Board of Trade says contracts had been higher most of the day. Gartner: "But as we got later in the day the Dow started to break down. That was pulling outside markets lower and that pulled the grains lower as we came into the close. So despite being up five, six, seven cents most the session wheat actually closed down one to three cents across the complex." The USDA issues new supply and demand numbers tomorrow morning. The Australian government has issued a new estimate of the Australian wheat crop increasing production slightly to just under 20 million metric tons. Rain has impacted the harvest down under and more is forecast later this week. On Tuesday Chicago March wheat was down a penny at 4-89 ½. March corn down 2 ¼ at 3-27 ¾. Portland soft white wheat any protein steady to a nickel higher at mostly 4-90. Maximum 10.5 percent protein 5-05. Club wheat 5-90. Maximum 10.5 percent club wheat 6-05. No Portland HRW wheat bids. DNS 14% protein up a penny at 7-69. No Portland barley bids. Cattle futures were lower Tuesday. Live contracts saw profit taking early and then nervousness about stock market direction. Feeders saw profit taking too and also pressure from lower cash markets. Feb live cattle down 40 cents at 82-27. Jan feeders down 135 at 86-55. Jan Class III milk down a penny at 14-34. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.