01/08/09 Wheat futures give back gains and more

Market Line January 8, 2008 After gains in the 20 cent range Tuesday, wheat futures posted losses into the 30 cent level Wednesday. Traders said speculators started the day taking profits from Tuesday's big run up. Louise Gartner for the Linn Group at the Chicago Board of Trade says the selling continued right through to the close. Gartner: "So this market clearly struggling at these higher prices. The fundamentals certainly did not justify much of the rally at all much less breaking above the trading range." Pakistan is supposed to tender this Saturday for 250-thousand metric tons of U.S. soft white wheat. Southern Plains winter wheat could be hit by some cold temperatures this weekend and into next week. On Wednesday Chicago March wheat was down 30 ¼ at 6-13 ¼. March corn down 11 at 4-16 ½. Portland soft white wheat faired better than wheat futures with any protein steady to a dime lower at mostly 5-80. Maximum 10.5 percent protein 5-90. Club wheat lower at 7-30. Maximum 10.5 percent club wheat 7-40. HRW 11.5 % protein down 33 cents at 6-74. DNS 14% protein down 26 cents at 8-47. No Portland barley bids. Cattle futures were battered into triple digit losses in Wednesday's broad commodity sell off. A lower stock market and concern about beef demand were cited. Feb live cattle down 277 at 85-77. March feeders down 2-70 at 93-27. Feb Class III milk down 64 cents at 9-40. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.