11/02/07 Wheat futures plummet

Market Line November 2, 2007 Wheat futures saw near limit down losses Thursday though new crop contracts at Chicago and Kansas City didn't post as big of losses. Weekly wheat exports sales came in at a low for the marketing year but there was news that Pakistan would tender for 400-thousand metric tons by mid-November. So, Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says the thought was wheat futures would trade higher, until the open that is. Hoops: "When we saw crude oil sharply lower. Huge long liquidation going on there and that pulled us lower in the grains. In fact we saw a big drop in the first 20 minutes as huge stops were ran and then the markets tried to recover except for wheat. We saw more massive liquidation. The charts are a mess there." On Thursday Chicago December wheat was down 29 ¾ cents at 7-78 ¼. July new crop at Chicago down 9 ¾ at 6-62 ¾. Dec corn down 6 ¾ at 3-68 ¾. Portland cash soft white wheat and club wheat five to 15-cents lower at mostly 9-65. HRW 11.5 percent protein down 27-cents at 9-11. Dark northern spring wheat 14% protein down 28 at 9-30. Barley at the coast 247 dollars a ton. Cattle futures were mostly lower again Thursday on continued nervousness about the cash fed market and fund liquidation of December contracts. The drop in equity markets was also seen as negative for cattle. Dec live cattle down 82 cents at 94-10. Jan feeders down a dime at 108-30. Dec Class III milk down eight cents at 17-99. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network. Now this.