Wheat leads grain futures lower

Market Line February 5, 2008 Wheat futures posted moderate losses again Wednesday. Lynn Smith with the Zaner Group at the Chicago Board of Trade says the day started with negative news on an Egyptian tender. Smith: “The tender by Egypt went mostly to France. France got a 180-thousand tons of the tender and Russia got 28-thousand tons. None went to the United States. Some analysts had expected the U.S. to win some of the business because of the recent decline in prices. Apparently they don‘t think it is low enough yet to give us a portion of their business.� Traders also said a forecast shift in the dry pattern in the southern U.S. Plains also added pressure. On Wednesday Chicago March wheat was down 10 ¼ cents at 5-42 ¼. March corn down 3 ½ at 3-58 ¼. Portland soft white wheat any protein steady to five cents lower at mostly 5-62. Maximum 10.5 percent protein 5-72. August new crop lower at 5-23 to 5-53. Club wheat 7-12. Maximum 10.5 percent club wheat 7-22. HRW 11.5 % protein six to ten cents lower at 6-07. DNS 14% protein unchanged to down a nickel at 7-87. No Portland barley bids. Cattle futures were mostly lower Wednesday. Traders seemed to be treading water awaiting cash fed cattle market developments. April live cattle down 17 cents at 85-95. March feeders unchanged at 93-42. March Class III milk up two cents at 9-87. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.