01/21/09 Ag commodities down on the dollar

Market Line January 21, 2008 Wheat futures led the grains lower Tuesday with cash markets following. Louise Gartner for the Linn Group at the Chicago Board of Trade says a much stronger dollar was the culprit. Gartner: "That cast a negative pall over markets that depend heavily on exports and that being primarily the grain markets. And also putting pressure on energies as well as that contributed to some of the weakness in corn and soybeans. We saw the markets open lower and just continue to bleed throughout the session." There are some drought concerns in China's three largest wheat producing provinces, however much of the area is irrigated so a severe reduction in the overall crop is not expected On Tuesday Chicago March wheat was down 28 ¼ cents at 5-50. March corn down 7 ½ at 3-83 ½. Portland soft white wheat any protein was five to 15 cents lower at mostly 5-60. Maximum 10.5 percent protein 5-75. Club wheat 7-10. Maximum 10.5 percent club wheat 7-25. HRW 11.5 % protein down 29 cents at 6-18. DNS 14% protein down 23 cents at 7-95. No Portland barley bids. Cattle futures saw big losses Tuesday. Profit taking and lower stocks were cited as primary factors with feeders following live contracts down. Traders are starting to think about this Friday's Cattle on Feed report. Feb live cattle down 190 at 82-62. March feeders down 262 at 91-75. Feb Class III milk was down a penny at 9-34. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.