08/05/05 Wheat futures mixed on good export news

08/05/05 Wheat futures mixed on good export news

Marketline August 5, 2005 Wheat futures were mixed Thursday on fund sales and losses in corn Though Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange, says the weekly export sales report and some other export news was friendly for wheat. Chiodo: "Wheat was the big surprise, 862-thousand tons and also an announcement that we sold 60-thousand tons of wheat to Egypt." USDA says Egypt purchased 60-thousand tons of soft white wheat which provided Portland bids support. But Chiodo says weather still remains the focus of futures traders. Chiodo: "Some folks are putting a little more chance of moisture in the belt here late next week but the heat high-dome is supposed to come back in. So it's kind of six of one half a dozen of the other. No one quite knows what to call it here." On Thursday Chicago September wheat was down a penny at 3-25. September corn down 2 ½ at 2-24 ½. Portland cash white wheat steady to a penny higher at mostly 3-62. Club wheat 3-68. PNW HRW 11.5 percent protein higher at 3-94. Dark northern spring 14% protein unchanged to higher at 4-62. Export barley 105 dollars a ton. Cattle futures were sharply lower Thursday as speculative trading emerged on ideas that the recent rally had been overdone. Wholesale beef prices have bounced higher but packer margins are still deeply in the red. USDA announced the Philippines has lifted its ban on U.S. beef and beef products. In the futures Oct live cattle down 165 at 81-72. Oct feeders down 110 at 107-25. Sept Class III milk down two cents at 14-33. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
Previous Report08/04/05 Grain futures fall on rainy forecast
Next Report08/08/05 Key USDA report late this week