01/13/09 Wheat prices plunge on USDA report

Market Line January 13, 2008 Wheat futures posted near sixty cent losses Monday with cash prices sharply lower as well. The U.S winter wheat acreage report with plantings down nine percent overall was bullish but that was it. Grain stock numbers were negative surprises for the trade, including for wheat. Louise Gartner for the Linn Group at the Chicago Board of Trade assesses where wheat may go from here. Gartner: "Considering what the seasonalities are, it would suggest we are going to head on lower at least into mid to late January. We might get a bump in early Feb. My guess is that we will see a test of the trading range lows, if not new lows, before the growing season starts for winter wheat." On Monday Chicago March wheat was down 59 ¾ cents at 5-69 ½. March corn down 30 at 3-80 ¾. Portland soft white wheat any protein down 35-40 cents at mostly 5-50. Maximum 10.5 percent protein 5-60. Club wheat $7 and maximum 10.5 percent club wheat 7-10. HRW 11.5 % protein down 56 cents at 6-30. DNS 14% protein down 52 cents at 7-93. No Portland barley bids. Feeder futures benefited from corn's fall Monday posting some triple digit gains while live cattle futures were lower. Boxed beef was higher yesterday. Feb live cattle down 20 cents at 82-90. March feeders up 65 at 93-32. Feb Class III milk down seven cents at 9-85 though deferred months in 09 were higher. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.