Stocks take toll on grains and livestsock

Market Line February 18, 2008 Wheat futures saw double digit losses Tuesday. Good rains in Argentina pressured the grains. Australia boosted its wheat crop estimate to over 21 million tons, and weekly export inspections were disappointing. However, Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says fundamentals don’t really matter right now. Hoops: “Don’t look at demand or anything else as that is really irrelevant at this point. It is all about the economy and the stock market and issues going on there as what happens with our grain and livestock futures.� In addition to lower stocks, the dollar was higher and crude oil lower. On Tuesday Chicago March wheat was down 20 cents at 5-15 ½. March corn down 14 at 3-49 ¼. Portland soft white wheat any protein 14 to 20 cents lower at mostly 5-52. Maximum 10.5 percent protein 5-62. August new crop lower at 5-20 to 5-50. Club wheat 7-02. Maximum 10.5 percent club wheat 7-12. HRW 11.5 % protein 18-24 cents lower at 5-95. DNS 14% protein 18 to 23 cents lower at 7-62. No Portland barley bids. Cattle futures saw triple digit losses Tuesday. The bearish stock market and economic concerns as well as lower than expected cash fed cattle prices last week were cited as factors. April live cattle down 277 at 84-22. March feeders down 285 at 91-62. March Class III milk down 11 cents at 10-33. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.