10/18/07 Wheat futures still going down

Market Line October 18, 2007 Wheat futures had their fourth straight down day Wednesday after fund sellers turned active following an early bounce. Mark Chiodo of Slipka Trading at the Minneapolis Grain Exchange thinks we could see a test of the low today in Chicago December wheat but after that he thinks wheat's dropped enough, about 70 cents since last Friday. Chiodo: "That's probably plenty for this move. I don't think that we bounce off it but we will probably grind around a little bit down here. You see more and more commentary now from fundamental type traders that we are still very short on old crop wheat worldwide and they expect that will come home to roost here in the near future." Egypt was tendering over night and this morning it's the weekly export sales report. On Wednesday Chicago December wheat down eight cents at 8-20 ½. New crop July at Chicago down 3 ¾ at 6-64 ¼. Dec corn down 2 ½ at 3-58. Portland cash soft white wheat and club wheat 10-15 cents lower at mostly 9-83. HRW 11.5 percent protein down a nickel at 9-29. Dark northern spring wheat 14% protein 3-4 cents lower at 9-53. Barley at the coast 273 dollars a ton. Cattle futures traded lower Wednesday amid fund selling and sell stops. Boxed beef was up at mid-day. Some commentators said concerns about the economy are affecting cattle futures. Dec live cattle down 12 cents at 97-27. Nov feeders down 45 at 112-07. Nov Class III milk down 30 cents at 17-60. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network