01/12/05 Cattle futures higher on Canadian news

01/12/05 Cattle futures higher on Canadian news

Other than the normal export talk there was no news and that meant a slow day of futures trading on Tuesday in anticipation of today's USDA Supply and Demand and Stocks reports. The average trade guess for the December quarterly wheat stocks number is at 1.42 billion bushels versus 1.52 billion a year ago. The winter wheat seedings average trade guess for the hard red winter wheat is at 31 million acres, which is slightly above last year`s number. On Tuesday Chicago March wheat was down 1 ¼. March corn was unchanged at 2.06 ¾. Steady to two cents lower in Portland, cash white at 3.85, Club White 3.90. Pacific Northwest HRW 11.5 percent protein 4.41 Dark Northern Spring 14 percent protein off to 5.29 Export barley 95/ton The Canadian government has confirmed that it has found its third case of BSE, a 7 year-old cow from Alberta. So how will that impact the rule set to open the border on March 7? Cattle futures closed higher on ideas that the border closing would keep cattle supplies tight and prices relatively high. February live cattle up 1.32 to 91.87. March feeders 103.07 a gain of 1.72. February Class III milk at Chicago up .36 to 14.98.
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