South American weather pressures grains

Market Line February 4, 2008 Wheat futures were lower Tuesday. Better than expected rains in Argentina with the forecast for more pressured row crops, which also impacted wheat. Louise Gartner for the Linn Group at the Chicago Board of Trade says the dollar was lower though. Gartner: “The dollar was lower sharply lower as well. That offered some support for the grain complex as we still closed lower across the complex for the grains. But the dollar is sharply lower and under pressure. That will shore up at least some prospects for export opportunities.� Egypt is tendering for wheat but Pakistan is reported to have purchased 180-thousand tons of Black Sea wheat on their optional origin tender. Their U.S. white wheat tender is still open. On Tuesday Chicago March wheat was down 11 ¼ cents at 5-52 ½. March corn down 8 ¾ at 3-61 ¾. Portland soft white wheat any protein steady at 5-70. Maximum 10.5 percent protein 5-80. New crop soft white 5-32 to 5-61. Club wheat 7-20. Maximum 10.5 percent club wheat 7-35. HRW 11.5 % protein 11 to 12 cents lower at 6-15. DNS 14% protein down seven cents at 7-92. No Portland barley bids. Profit taking and thoughts Monday’s rally was overdone took cattle futures lower Tuesday. April live cattle down 70 cents at 86-12. March feeders down 57 at 93-42. March Class III milk down 15 cents at 9-85. The milk-feed ration at 1.69 dropped to historic lows in January. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.