08/17/07 Financials impact ag futures

Market Line August 17, 2007 Concerns about the U.S. economy by investors spilled over the to ag commodity futures Thursday and wheat contracts closed lower despite a weekly export sales report of 1.18 million metric tons, continuing concern about Australia's wheat crop and more new highs in European wheat futures. On Thursday Chicago Sept wheat was down 5 ½ cents at 6-73. Sept corn down 6 ½ at 3-21 ½. Portland cash soft white wheat nine to ten cents lower at mostly 6-85. Club wheat 6-89. HRW 11.5 percent protein down seven cents at 6-98. Dark northern spring wheat 14% protein down nine at 7-11. Barley at the coast higher at 190 dollars a ton. In addition to the financial market spillover pressure cattle futures were impacted by lower lean hog contracts. An issue over growth hormones has led China to suspend pork imports from eight U.S. hog plants. USDA spokesman Keith Williams says China doesn't usually take this type of action. Williams: "An notably since about June, in the last few months we have seen an increase in the number of notifications and then just in the also in the last week here now a spike if you would of now these eight plants being suspended.' In addition 15 other U.S. plants received warnings. In the futures Thursday Oct live cattle down 2-22 at 93-70. Oct feeders down 102 at 115-52. Sept Class III milk down 31 cents at 19-25. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.