Up and down with the Dow

Market Line March 6 , 2008 Grain futures were pressured by a 12-year low in the Dow Wednesday. Crude oil was lower and the dollar was higher. Weekly export sales that came in under trade expectations were also bearish for wheat. Iran has apparently purchased 500-thousand tons of wheat, but all from European sources. Australia of course is operating without a wheat board now and Louise Gartner for the Linn Group at the Chicago Board of Trade says the Aussies are having some problems adapting. Gartner: “Australia back in the news and again about their port congestion and the slow pace of exports out of there as they try to get the free trade system figured out. There are some countries concerned about the purchases they have made that are not able to get exported at this point.� On Thursday Chicago May wheat was down eight cents at 5-15. May corn down a nickel at 3-58 ½. Portland soft white wheat any protein steady to three cents higher at mostly 5-50. Maximum 10.5 percent protein 5-55. August new crop down three cents at 5-17 to 5-27. Club wheat $7. Maximum 10.5 percent club wheat 7-05. HRW 11.5 % protein two to seven cents lower at 6-10. DNS 14% protein three to eight lower at 7-71. No Portland barley bids. Cattle futures also posted losses Thursday due to the lower stock market. Bear spreading was also a feature. April live cattle down 75 cents at 83-90. April feeders down 102 at 9-82. April Class III milk up 12 cents at 10-47. I’m Bob Hoff and that’s Market Line on the Northwest Ag Information Network. Now this.