10/16/07 Steep losses again for wheat futures

Market Line October 16, 2007 Wheat futures traded limit down Monday for a time but came back to post just steep losses. There is talk the market has topped. Weekly export inspections came in within trade expectations. Some rain in dry areas of the hard red winter wheat belt was negative. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange says there is a little more competition on the export front too. Chiodo; "Mostly Russian or Black Sea wheat and Europe is starting to step up a little bit for some stuff out there. So the export calendar is not as full here as people were backing down and playing wait and see. I believe it was Morocco passed on a tender over the weekend saying it was too high and I guess rightly so after we are down some 20-cents here." On Monday Chicago December wheat was down 24 cents at 8-33 ½. New crop Chicago July down 9 ½ at 6-71. Dec corn up 11 at 3-62. Portland cash soft white wheat and club wheat steady to ten cents lower at mostly 10-03. HRW 11.5 percent protein down 25-27 cents at 9-41. Dark northern spring wheat 14% protein 20-21lower at 9-69. Barley at the coast 273 dollars a ton. Live cattle futures were higher Monday on short covering and fund buying. Traders are looking for better cash fed cattle prices this week. For feeder contracts higher corn price was bearish. Dec live cattle up 75 cents at 97-97. Nov feeders down 25 at 113-22. Nov Class III milk up 25 cents at 17-80. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.