01/20/09 Watching South American weather

Market Line January 19, 2008 Futures traders return from their three-day holiday weekend today. Friday was the last trading session and Nelson Byrd with the Linn Group at the Chicago Board of Trade says grains closed higher. Byrd: "Grains ended the day near their highs on very good strength. This is a sign that even the wake of Monday's USDA report that cast such bearish light that there might be a buy the rumor sell the fact mentality building because of South American weather. Conditions will remain hot and dry with the possibility of some intermittent showers. Look for beans to help corn and wheat." On Friday Chicago March wheat was up 9 1/2 cents at 5-78 ¼. March corn up 25 ¾ at 3-91. Also on Friday Portland soft white wheat any protein higher at 5-70. Maximum 10.5 percent protein 5-85. Club wheat 7-20. Maximum 10.5 percent club wheat 7-35. HRW 11.5 % protein up 14 cents at mostly 6-47. DNS 14% protein 6-11 cents higher at 8-18. No Portland barley bids. Live cattle futures closed higher Friday on cash market optimism, short covering and a positive stock market. Cash fed cattle generally sold steady to 50 cents higher last week. Feeders were slightly higher getting some underlying technical support despite sharply higher corn. Feb live cattle up 17 cents at 84-52. March feeders up seven at 94-37. Feb Class III milk up three cents at 9-35. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.