Traders return following President's Day

Market Line February 17, 2008 Futures exchanges reopen today following their three-day holiday weekend. During the last session on Friday wheat futures were lower getting some pressure from row crops on rains in Argentina. Louise Gartner for the Linn Group at the Chicago Board of Trade says the row crop situation there may have stabilized now. She says because of Argentina’s poor wheat crop Brazil will be seeking about one million tons of imports elsewhere but the U.S. may not get the business. Gartner: “They expect they will go to Canada. Canada‘s offers are much cheaper than the United States, even despite the logistics. So most likely, at this point, it looks like we will be missing out on that business as well.� On Friday Chicago March wheat was down 3 ¼ cents at 5-35 ½. March corn down three at 3-63 ¼. Portland soft white wheat any protein steady at mostly 5-70. Maximum 10.5 percent protein 5-75. August new crop 5-31 to 5-73. Club wheat 7-20. Maximum 10.5 percent club wheat 7-25. HRW 11.5 % protein unchanged to down a penny at 6-15. DNS 14% protein down three at 7-82. No Portland barley bids. Cattle futures posted moderate losses Friday. Traders had been awaiting more cash fed cattle results. After the close southern Plains sales were reported steady at mostly 83 dollars. April live cattle down 50 cents at $87. March feeders down 67 at 94-47. March Class III milk unchanged at 10-44. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.