09/04/07 Watching southern hemisphere weather

Market Line September 4, 2007 As grain futures traders return from their long holiday weekend today they will be looking for any results of an Indian wheat tender and the latest weather conditions in Argentina and Australia. Joe Victor of Allendale Incorporated says India taking wheat off the world market and the southern hemisphere weather are important market factors right now. Victor: "So India is in the market for at least 300-thousand. They said they could be a frequent buyer if supplies are available and if the price is right. Along with that news, more attention being paid to not only the dryness in Argentina for small grain production but also Australia. Apparently in the northern reaches it is becoming a little too dry and rain is going to be needed soon. So fundamentally there are some bullish underlying fundamentals that are helping to keep this market aloft." Though December wheat futures at Chicago traded at over $8 a bushel during last Friday's session the contract closed down nine cents at 7-75 ½. Dec corn up a quarter cent at 3-40. Portland cash soft white wheat higher at mostly 7-65. Club wheat 7-67. HRW 11.5 percent protein eight to 21 cents lower at 7-56. Dark northern spring wheat 14% protein one to four cents higher at 7-72. Barley at the coast higher at 220 dollars a ton. Cattle futures were lower Friday on profit taking and October longs rolling into December. Oct live cattle down 17 cents at 96-90. Oct feeders down 52 at 117-62. Oct Class III milk down 11 cents at 19-85. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.