Slight losses for wheat futures; another big drop for cattle

Market Line February 19, 2008 Wheat futures were lower again Wednesday. There are ongoing economic concerns and also spillover from soybeans on improved South American weather. USDA did announce it is seeking 50-thousand metric tons of soft white wheat for donation to Pakistan. Louise Gartner for the Linn Group at the Chicago Board of Trade says there is talk about potential line of credit problems for Russian wheat sales but that could be both good and bad. Gartner: “Could be bullish short term if in fact that materializes. But obviously you have to move that wheat sometime and the longer they wait and get close to the next harvest the worse it is going to be. They will have to dump that wheat on the world market.� On Wednesday Chicago March wheat was down 4 ¾ cents at 5-10 ¾. March corn unchanged at 3-49 ¼. Portland soft white wheat any protein steady to a nickel lower at mostly 5-45. Maximum 10.5 percent protein also 5-45. August new crop lower at 5-15 to 5-45. Club wheat any protein and maximum 10.5 percent club wheat both 6-95. HRW 11.5 % protein mixed at 5-95. DNS 14% protein up six cents at 7-69. No Portland barley bids. Cattle futures saw more triple digit losses Wednesday. There were lower cash fed cattle sales reported compared to last week, cash feeders also sold lower as did boxed beef. Traders are also looking ahead to Friday’s Cattle on Feed report. April live cattle down 130 at 82-92. March feeders down 195 at 90-52. March Class III milk up 39 cents at 10-72 on higher cheese prices. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.