12/22/08 India to export wheat again

Market Line December 22, 2008 Wheat futures closed lower Friday, the only down day last week. Some factors cited were lower crude oil and some negative export news with Iraq buying 300-thousand metric tons of wheat, but none from the U.S. Louise Gartner with the Linn Group at the Chicago Board of Trade says news out of India was also bearish. Gartner: "India saying they will release up to two million tons of wheat for export to qualified buyers, but nevertheless this is another two million tonnes on the market that wasn't expected just a few days ago. So the wheat complex had a nice rally, stalling at the top end of the range. Looks like we will pull back a bit from here." USDA is donating 50-thousand metric tons of wheat to Pakistan. On Friday Chicago March wheat was down 8 ¼ cents at 5-63 ¼. March corn down 8 ¾ at 3-80 ¾. Portland soft white wheat any protein 10 to 20 cents higher at mostly 5-40. Maximum 10.5 percent protein 5-50. Club wheat 6-90. Maximum 10.5 percent club wheat $7. No hard red winter wheat bids. DNS 14% protein six to 11 cents lower at 8-25. No Portland barley bids. Cattle futures closed higher Friday on short covering, steady cash sales and winter weather in the Plains. USDA's Cattle on Feed report Friday pegged the feedlot inventory December 1st down six percent from a year ago. Placements last month were down five percent. Marketings down nine percent. Ahead of the report, Feb live cattle up 106 at 86-77. Jan feeders up 110 at 93-50. Jan Class III milk down 33 cents at 11-96. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.