12/03/07 Whiplash in the wheat market

Market Line December 3, 2007 It was a very volatile day for wheat futures trading Friday. Contracts closed mixed after having traded nearly limit down and then rising by over 40 cents. Portland cash soft white wheat bids ranged to over $11 a bushel. One item in the recent news stream is that an early November frost in Argentina may have done more damage to the wheat crop there than initially thought. USDA grains analyst Jerry Norton says there is no official U.S. forecast out yet, but: Norton: "There have been a number of reports out from the private consultants that are in Argentina saying there may have been some significant damage to the crop." Perhaps as much as a two million ton loss. As a consequence Argentina shutdown its export registry for five days. On Friday March Chicago wheat was down 2 3/4 at 8-85 ½. July new crop at Chicago up 15 ½ cents at 7-62. March corn up 3/4 at 4-01 ½. Portland cash white wheat and club wheat steady to a nickel higher at mostly 10-95. PNW HRW 11.5 percent protein unchanged at 9-93. Dark northern spring 14% protein up eight cents at 10-71. Export barley 247 dollars a ton. Feeder cattle futures were sharply lower following a retreat in live contracts Friday. Fed cattle traded steady in the Southern Plains Friday and boxed beef was mixed. Board premiums to CME's lagging cattle feeder index was also a factor. Feb live cattle down 80 cents at 85-95. Jan feeders down 137 at 107-70. Jan Class III milk up 13cents at 18-19. I'm Bob Hoff and that's Market Line on the Northwest Ag Information Network.