12/24/08 Wheat higher but disappointing export news

Market Line December 24, 2008 There were modest gains in wheat futures Tuesday thanks to corn pulling wheat higher near the close. Contracts had been lower most of the day. Joe Victor of Allendale Incorporated says that was because the U.S. lost out on two big wheat export sales. Victor: "We lost a 100-thousand ton sale to Egypt. We lost that sale to Russia. And along with it we lost a 490-thousand ton sale to Pakistan. Possibility of another 100-thousand tons of wheat being sold to Pakistan and it is all going to the Black Sea region. That is Ukraine, Russia or Kazakhstan." Traders are also less concerned now about the weather's impact on the U.S. winter wheat crop. On Tuesday Chicago March wheat was up 6 ¼ cents at 5-75 ¼. March corn up 13 at 3-94 ¾. Portland soft white wheat any protein steady to a dime higher at mostly 5-50. Maximum 10.5 percent protein 5-65. Club wheat $7 and maximum 10.5 percent club wheat 7-15. Still no hard red winter wheat bids. DNS 14% protein mixed at 8-34. No Portland barley bids. Short covering was said to have helped both live and feeder cattle futures close higher Tuesday. There was a little more optimism about cash markets this week. Feb live cattle up 70 cents at 86-95. Jan feeders up 22 at 93-60. Jan Class III milk down 20 cents at 11-70. Markets are closed tomorrow and there will be no Market Line. Have a Merry Christmas. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.