09/08/05 Wheat futures slip lower

09/08/05 Wheat futures slip lower

Marketline September 8, 2005 Wheat futures were slightly lower Wednesday. Analysts say the grains generally remain under pressure from concerns about the transportation situation and loss of exports due to Hurricane Katrina. But Agriculture Secretary Mike Johanns said Wednesday grain export activity is resuming in the lower Mississippi. Johanns: "The Mississippi is now open to shallow draft traffic and to deep draft vessels to 39 feet. As I understand it, it is now open to two-way traffic during day light hours. That's essentially12 hours a day. We estimate that currently loading-unloading capacity stands at about 63%." 20 With a USDA monthly crop production and supply and demand report update due out Monday, analysts don't expect much excitement the remainder of the week. On Wednesday December Chicago wheat was down 2 1/4 cents at 3-18 3/4. December corn down 3 3/4 at 2-17 ½. Portland cash white wheat steady at mostly 3-38. Club wheat 3-48. PNW HRW 11.5 percent protein down a penny at 4-23. Dark northern spring 14% protein lower at 4-81. Export barley 105 dollars a ton. Cattle futures were higher Wednesday. Higher boxed beef provided fundamental support but worries remain about the impact of Hurricane Katrina on beef demand. Oct live cattle up a nickel at 82-93. Oct feeders up 30 at 110-43. Oct Class III milk up a penny at 14-26. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
Previous Report09/07/05 Optimism over Gulf exports helps grains
Next Report09/09/05 Iraqi buy helps wheat futures