Lower wheat and cattle futures

Market Line February 12, 2008 Wheat futures closed lower by a dime or more Wednesday. Commentary pointed to economic pessimism and a higher dollar. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange says rain in South America was negative too. Chiodo: “Wet weather in South American has added pressure to the market the past few days. We made a feeble attempt at rallying mid-day. Just not enough buying out there, obviously more sellers. Funds were moderate sellers through the day. We finished pretty close to the lows for the day. On the lows for corn and right next to them on the wheat.� Egypt was tendering overnight for wheat. This morning USDA issues the weekly export sales report. On Wednesday Chicago March wheat was down 12 ¾ cents at 5-43 ¼. March corn down 8 ¼ at 3-68 ½. Portland soft white wheat any protein mixed at mostly 5-65. Maximum 10.5 percent protein 5-75. August new crop lower at 5-23 to 5-70. Club wheat 7-15. Maximum 10.5 percent club wheat 7-25. HRW 11.5 % protein 11-12 cents lower at 6-12. DNS 14% protein down 11 at 7-90. No Portland barley bids. Cattle futures were lower Wednesday. Traders are awaiting cash fed cattle developments. Wholesale beef demand has improved this week but packers are again operating in the red. April live cattle down 45 cents at 87-60. March feeders down 30 at 95-40. March Class III milk unchanged at 10-35. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.