Wheat and cattle futures lower again

Market Line February 13, 2008 Wheat futures posted modest losses Thursday in a trading session that was very similar to Wednesday’s in that there had been early strength. Nelson Byrd with the Linn Group at the Chicago Board of Trade summed yesterday’s market this way. Byrd: “Grains lost their early session strength to close lower across the board. Much of this weakness came from outside markets as crude suffered big losses trading on new lows. The dollar saw gains and the DOW continues to slide. This slide has clearly indicated that the Obama administration‘s rhetoric is doing little to quell the concerns of many Americans. Can we spend our way out of a recession? Time will tell.� The weekly export sales report was in line with trade expectations and Russia got all the business from this week’s Egyptian wheat tender . On Thursday Chicago March wheat was down 4 ½ cents at 5-38 ¾. March corn down 2 ¼ at 3-66 ¼. Portland soft white wheat any protein steady at 5-65. Maximum 10.5 percent protein steady at 5-75. August new crop unchanged to 11 cents higher at 5-34 to 5-70. Club wheat 7-15. Maximum 10.5 percent club wheat 7-25. HRW 11.5 % protein one to seven cents lower at 6-10. DNS 14% protein two to seven cents lower at 7-85. No Portland barley bids. Cattle futures were slight lower Thursday with pressure coming from a stock market that was down most of the session. Traders were also still awaiting fed cash cattle market developments. April live cattle down a dime at 87-50. March feeders down 25 at 95-15. March Class III milk up nine cents at 10-44. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.