09/01/05 Hurricane still haunts market

Marketline September 1, 2005 Wheat futures continued to drop Wednesday with lower Chicago contracts again taking Portland white wheat bids down as well. Moderate country selling is also pressuring cash white wheat. Chicago December wheat hit a 7th month low and Minneapolis made a contract low. Joe Vidora with F.C. Stone at the Chicago Board of trade says pressure on the grains and beans is related to the problems of exporting through New Orleans because of Hurricane Katrina and the funds were sellers. Vidora: And they sold 5,000 wheat, they sold 10,000 corn, 7000 beans. We can use whatever excuse we want for it. What it amounts to is fund selling." The U.S. Coast Guard did reopen the Mississippi River to barge traffic yesterday but ocean going vessels were still barred. After the close yesterday Egypt did announce a tender for wheat On Wednesday December Chicago wheat was down 5 3/4 cents at 3-17 ½. December corn down two at 2-16 ½. Portland cash white wheat another three to five cents lower at mostly 3-37. Club wheat 3-47. PNW HRW 11.5 percent protein 4-21. Dark northern spring 14% protein 4-79. Export barley 105 dollars a ton. Cattle futures were mixed Wednesday with live contracts suffering from concerns about consumer demand in the face of high energy prices and lack of cash trading while feeder contracts benefitted from lower corn. Oct live cattle down 28 cents at 82-25. Oct feeders up a dime at 110-18. Oct Class III milk up 16 cents at 14-38. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.