01/28/09 South American weather pressures grains

Market Line January 28, 2008 Wheat futures posted modest losses Tuesday. Pressure came from row crops which were reacting to the latest weather forecasts for South America where corn and soybeans are in or nearing critical reproductive stages. Joe Victor with Allendale Incorporated says rain is in the Argentine outlook. Victor: "The frequency of rains are starting to appear closer together instead of a slight event every ten days we are now seeing a little bit greater amounts and coverage. More systems coming in over a period of seven to ten days. A possibility of there different systems coming into that Argentine area." Traders were saying that Iran has purchased 360-thousand tons of wheat from Germany. On Tuesday Chicago March wheat was down 7 ¾ cents at 5-84 ¾. March corn down 16 ¼ at 3-77 ½. Portland soft white wheat any protein was 10 to 15 cents lower at mostly 5-75. Maximum 10.5 percent protein 5-90. Club wheat 7-25. Maximum 10.5 percent club wheat 7-40. HRW 11.5 % protein nine to twelve cents lower at 6-48. DNS 14% protein four to five cents lower at 8-17. No Portland barley bids. Cattle futures were mostly lower Tuesday with some triple digit losses. Live cattle contracts got some spillover pressure from lean hogs as well as sluggish wholesale beef demand. April live cattle down 120 at 84-40. March feeders down 145 at 90-27. March Class III milk down six cents at 9-95. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.