01/23/09 Mixed wheat and cattle futures

Market Line January 23, 2008 Wheat futures were mixed Thursday with Minneapolis spring wheat showing the most strength. Some analysts pointed to early stock market and crude oil weakness pressuring grains. Louise Gartner for the Linn Group at the Chicago Board of Trade says wheat trading was generally quiet. Gartner: "Not much going on. Still looking at world wheat prices that have rallied somewhat and come up to roughly where the U.S. prices are. That has allowed us to be a player in some of these export sales as with Egypt getting about 60-thousand tons of that 178-thousand ton sale. So U.S. two weeks in a row participating in a sale to Egypt. That has been supportive to this market but certainly not enough to get any upward momentum going." It continues to be dry for winter wheat in the southern plains and the area was experiencing warm temperatures. On Thursday Chicago March wheat was down a nickel at 5-66 ¾. March corn down 2 ¾ at 3-87 ½. Portland soft white wheat any protein up a nickel at 5-65. Maximum 10.5 percent protein 5-80. Club wheat 7-15. Maximum 10.5 percent club wheat 7-30. HRW 11.5 % protein three to eight cents lower at 6-34. DNS 14% protein five to ten cents higher at 8-17. No Portland barley bids. Cattle futures were mixed Thursday. Stock market weakness was negative early in the session. Traders await this afternoon's USDA Cattle on Feed report. Feb live cattle down seven cents at 8-27. March feeders up 95 at 92-30. Feb Class III milk down nine cents at 9-29. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.