02/02/09 South American weather still a focus for traders

Market Line February 2, 2008 Wheat futures had modest losses Friday. Uncertainty about the weather both domestically and for South American row crops was cited as a factor. Joe Victor of Allendale Incorporated has some export news. Victor: "Seeing that South Korea did pass on a 130-thousand ton wheat tender. Egypt did buy wheat. They were tendering for 55-60 thousand tons. They actually bought 180-thousand tons. Of the 180-thousand 60 was from the U.s., 120 France." The U.S. wheat was soft red winter. On Friday Chicago March wheat was down a dime at 5-68. March corn down 2 ¾ at 3-79. Portland soft white wheat any protein was steady 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 down seven cents at 6-35. DNS 14% protein down six cents at 8-06. No Portland barley bids. USDA pegged the total cattle herd in the U.S. January 1st at 94.5 million head, down two percent below a year ago. Beef cow numbers were also down two percent. Milk cow numbers up one percent. Ahead of the report cattle futures saw some gains on short covering and technical factors. April live cattle up 77 cents at 85-10. March feeders up 37 at $91. March Class III milk down 15 cents at 10-33. The January Class III price dropped $4.50 from December to its lowest level in 5 ½ years. The new Class II is $10.78. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.