Moisture for southern Plains and China

Market Line February 11, 2008 Wheat futures closed lower Tuesday. USDA didn’t change any U.S. wheat numbers in its supply and demand report, which was generally considered neutral. World ending stocks were increased slightly. Some traders said the lower DOW impacted grains. \ Louise Gartner for the Linn Group at the Chicago Board of Trade points to some dry wheat areas getting moisture. Gartner: “We are seeing some light precip across the southern U.S. Plains. It is a start to alleviating the dry conditions particularly in the Texas-Oklahoma range. We are also seeing some light rain in the China wheat growing areas. After all this chatter about drought and impending disaster in the wheat crop we are seeing some light rain and forecasts suggest more is on the way.” On Tuesday Chicago March wheat was down nine cents at 5-56. March corn down ¾ of a cent at 3-76 ¾. Portland soft white wheat any protein five to 14 cents lower at 5-70. Maximum 10.5 percent protein 5-80. August new crop 5-37 to 5-75. Club wheat 7-20. Maximum 10.5 percent club wheat 7-30. HRW 11.5 % protein three to six cents lower at 6-24. DNS 14% protein unchanged to down a nickel at 7-96. No Portland barley bids. Live cattle futures were higher Tuesday with feeders mixed. Despite a sharply lower stock market live contracts got help from higher hog futures. April live cattle up 30 cents at 88-05. March feeders up 15 at 95-70. March Class III milk down four cents at 10-35. USDA yesterday forecast a 2009 All-Milk price that is the lowest since 1978. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.