12/29/08 Cattle futures drop on Mexico's action

Market Line December 29, 2008 Cattle futures saw triple digit losses Friday and part of the blame was put on Mexico's announcement that it was suspending imports from 30 U.S. meat plants. Louise Gartner for the Linn Group at the Chicago Board of Trade says Mexico didn't give a reason for its action but it's being viewed as retaliation against the U.S. for mandatory country of origin labeling. Gartner: "So even though Mexico has been the largest importer of U.S. beef it is of great concern that they could be shutting of imports of U.S. beef." On Friday Feb live cattle down 222 at 86-10. March feeders down 280 at 91-75. Milk futures trading was closed Friday. Wheat futures saw double digit gains Friday on light trading volume. Wheat got support from higher corn and soybeans where dry South American weather has been bullish to row crop prices. Weekly export sales for wheat were disappointing though, coming in under trade expectations. On Friday Chicago March wheat was up 17 cents at 5-99 ¼. March corn up 14 ¼ at 4-12 ¼. There was no USDA Market News Service report for Portland Friday so prices are from last Wednesday; Portland soft white wheat any protein steady to ten cents higher at mostly 5-55. Maximum 10.5 percent protein 5-70. Club wheat 7-15 with maximum 10.5 percent club wheat 7-30. No hard red winter wheat bids. DNS 14% protein up eight cents at 8-42. No Portland barley bids. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.