01/02/09 Crude helped grain futures end 2008 on an up note

Market Line January 2, 2008 A strong rally in crude oil Wednesday drove row crops higher pulling wheat along as well to wrap up the last trading session of 2008. Even so Lynn Smith of the Zaner Group at the Chicago Board of Trade says there was some negative export news for the U.S. Smith: "The big news of the day was Iraq buying wheat from non-U.S. sources. The thinking was we would get a portion of that exports but we didn't get any. So again that just shows that demand for U.S. wheat is still weak and especially with the strength in pricing in the last few weeks it is going to make it even hard to get exports at this price." On Wednesday Chicago March wheat was up six cents at 6-10 ¾. March corn up 10 ¾ at 4-07. Portland soft white wheat any protein was steady to a nickel lower at mostly 5-70. Maximum 10.5 percent protein lower at 5-80. Club wheat 7-30. Maximum 10.5 percent club wheat 7-40. HRW 11.5 % protein up eight cents at 6-70. DNS 14% protein down a penny at 8-50. No Portland barley bids. Cattle futures were mixed Wednesday. Feb live cattle up 15 cents at 86-05. March feeders down 15 at 93-67. Cheese prices closed out 2008 at the government support price further pressuring milk futures Wednesday with Feb Class III milk down 69 cents at 10-28. The last time the government bought cheese was 2003. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.