09/02/05 Egyptian buy helps soft white wheat

09/02/05 Egyptian buy helps soft white wheat

Marketline September 2005 Wheat futures ended mostly higher Thursday on late index fund and technical buying and news that Egypt had purchased 120-thousand tons of U.S. wheat. The sale was for soft white wheat which helped stabilize Portland bids along with reduced country selling. Egypt also purchased Russian and more costly French wheat. Vic Lespinasse of A.G. Edwards at the Chicago Board of Trade says a late rumor, later denied, that a ship had gotten to an export elevator in the New Orleans area also supported the market. But; Lespinasse: "The president of the Port of New Orleans said that he thinks that the damage to the port is worse than they had first thought. So conditions down there are still pretty much unsettled." Traders will deal with some private estimates of the corn and soybean crops today and they face a long weekend with exchanges closed Monday. On Thursday December Chicago wheat was up a nickel at 3-22 ½. December corn up 5 3/4 at 2-22 1/4. Portland cash white wheat mixed at mostly 3-37. Club wheat 3-47. PNW HRW 11.5 percent protein higher at 4-24. Dark northern spring 14% protein higher at 4-83. Export barley 105 dollars a ton. Cattle futures were sharply lower Thursday on mounting concerns that the aftermath of Hurricane Katrina is bearish for beef demand. But some traders see the disruption of the poultry industry in the Gulf as driving prices up which would benefit beef. The rebound in corn was added pressure for feeders. Oct live cattle down 120 at 81-05. Oct feeders down 230 at 107-88. Oct Class III milk down two cents at 14-36. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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