12/15/08 Lots of wheat tenders

Market Line December 15, 2008 This week's tender calendar for wheat is a busy one with Jordon, Morocco, Pakistan and Syria all in the world market to buy. Pakistan has USDA credit guarantees but hasn't yet used them. Wheat futures closed mostly higher Friday helped by sharply higher corn. Economist Ross Korvis told the Oregon-Idaho Grains Convention Friday that he believes the new equilibrium average price for wheat is $6 a bushel, corn $4 and soybeans $10. Korvis; "This is the national season average price. Not the price at your farm, but the national average season price for all the wheat, all the corn, all the soybeans raised in the country. Then you recognize you have some kind of band around that. The up side of the band is larger than the bottom side but you spend most of your time on the bottom side and unfortunately were are going to the bottom side of that band right away." On Friday Chicago March wheat was up 5 ½ cents at 5-13. March corn up 22 at 3-73 ½. Portland soft white wheat bids ten to 20 cents lower with any protein mostly 4-97. Maximum 10.5 percent protein 5-07. Club wheat 5-97 with a dime premium for maximum 10.5 percent club wheat. Only 13 pro HRW bid at 6-46. DNS 14% protein up a penny at $8. No Portland barley bids. Lower fed cash sales and boxed beef pressured live cattle futures Friday. Feeder contracts followed. Stock market instability was also cited as a trading factor. Feb live cattle down 102 at 82-80. Jan feeders down 42 at 87-17. Jan Class III milk down 55 cents at 13-20 in what was described as a week that say the 3rd worst cheese crash ever. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.