09/16/05 Good exports for hard red wheats

09/16/05 Good exports for hard red wheats

Marketline September 16, 2005 Wheat futures closed mostly lower Thursday with the exception of some small gains for the nearby Kansas City contract. Vic Lespinnasse of A.G. Edwards at the Board of Trade says the relative strength of Kansas City and Minneapolis tempered Chicago's losses.. Lespinasse: "Recently Minneapolis has been very strong relative to Chicago and Kansas City has also been stronger than Chicago and I think that trend is likely to continue." Minneapolis and Kansas City benefitted from the weekly USDA export sales report which showed that the majority of the 585,500 tons in sales were hard red winter and hard red spring wheat. Concerns still linger about quality problems with Canada's crop because of rains. The Australian government's Bureau of Meteorology is forecasting average rains for Australia from October through December which is good for their winter wheat crop which will be harvested later this calendar year. On Thursday December Chicago wheat was down 4 ½ cents at 3-22 3/4. December corn down 1 1/4 at 2-06 ½. Despite lower futures lack of farmer selling helped Portland cash white wheat hold steady to a penny higher at mostly 3-46. Club wheat 3-61. PNW HRW 11.5 percent protein up a penny at 4-50. Dark northern spring 14% protein down a penny at 5-03. Export barley 104 dollars a ton. After early weakness cattle futures turned solidly higher Thursday getting fundamental support from the surge in the cash market and strengthening boxed beef values. Plains fed cattle sold from 86 to 87 dollars this week. Oct live cattle up 88 cents at 86-38. Oct feeders up 60 at 113-63. Oct Class III milk up a nickel at 14-41. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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