09/20/05 Trade now worries about "Rita"

Marketline September 20, 2005 Wheat futures were lower Monday. Some analysts pointed to the potential interruption of wheat exports due to the latest storm of the hurricane season, named Rita. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says this was despite a good export inspections report from USDA. Hoops: "It was a good number for wheat. 26.9 million bushels inspected for export. Well above expectations of 11 to 15. But it did not spark any buying interest and we just languished all day." USDA had also reported at 200-thousand ton sale of U.S. hard red winter wheat to Iraq but traders suggested that was already in the market. The Australian government Monday estimated the wheat crop down under at 19.7 million tons. That's down from last year's 20.4 million. USDA still has Aussie production at 21.5 million tons. On Monday December Chicago wheat was down four cents at 3-20 1/4. December corn unchanged at 2-06 1/4. Portland cash white wheat steady to a penny higher at mostly 3-47. Club wheat 3-62. PNW HRW 11.5 percent protein lower at 4-47. Dark northern spring 14% protein lower at 5-02. Export barley 105 dollars a ton. Cattle futures were steady to higher in light trading Monday. Traders are looking ahead to Friday's Cattle on Feed Report. There is also caution on ideas wholesale beef prices are beginning to stall. Oct live cattle unchanged at 86-08. Oct feeders up 53 cents at 113-45. Oct Class III milk up three cents at 14-47. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.