12/30/08 GSM credit for Pakistan

Market Line December 30, 2008 Wheat futures couldn't hold early gains Monday and closed lower, but Portland, cash soft white wheat bids were up double digits in part on a USDA announcement of 48-million dollars in GSM 102 credits for Pakistan. That at least creates the potential of white wheat export sales to Pakistan. As to the futures, Louise Gartner for the Linn Group at the Chicago Board of Trade says a strengthening dollar late yesterday pressured grains. Gartner: "The dollar continued to rally after the close which will most likely add some pressure to grains. Energy markets recovered and that could find some support, but I think the bottom line is that on this thin volume we are getting quite a bit of movement either way in these markets and the fundamentals certainly don't justify changing long term price trends." On Monday Chicago March wheat was down 7 ¼ cents at 5-92. March corn down 18 ¾ at 3-93 ½. January Portland soft white wheat any protein 15 to 20 cents higher at mostly 5-70. Maximum 10.5 percent protein 5-85. Club wheat 7-30. Maximum 10.5 percent club wheat 7-45. HRW 11.5 % protein 6-51. DNS 14% protein 8-40. No Portland barley bids. Cattle futures were higher Monday with feeders showing the most strength. Better than expected cash fed cattle sales last week helped start things off. Thoughts that Friday's sell off was overdone were also cited as a factor. Feb live cattle up a dime at 86-20. March feeders up 110 at 92-85. Feb Class III milk down a penny at 11-55. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.