12/11/08 Not the Quiet Market You Might Expect

Market Line December 11, 2008 This week's recovery in corn, soybean, and wheat prices so far does little to counteract last week's heavy-handed bearishness or the overall bearish trend. Some fundamental trade may start to make headway when USDA releases supply and demand projections today. Louise Gartner with the Linn Group: GARTNER: It is expected we will see a slight reduction in wheat ending stocks, also a slight reduction in soybean ending stocks but probably a notable increase in corn ending stocks. With all the uncertainty in the economy and declining demand for energy it's obviously weighing on the crude oil market. On Wednesday Chicago March wheat was up 20 at 509 and a half. March corn up 14 and quarter at 352 and ¾. Portland soft white wheat any protein Jan $5.05 -5.20 up 15-up 20 Maximum 10.5 percent protein Jan $5.15 -5.35 up 15 Club wheat up 5 to 20 at mostly 5.98 Maximum 10.5 percent club wheat mostly 6.13 up 5 to 20. HRW 11.5 % protein was not available Dark Northern Spring Wheat 14% protein mostly $7.96 No Portland barley bids. Feb live cattle 83.80 up 1.525 Jan feeders at 87.35 up .8 Jan Class III milk off a half 14.30 I'm Greg Martin and that's Market Line on the Northwest Ag Information Network.