09/26/05 Assessing hurricane damage again

Marketline September 26, 2005 The impact Rita has had on Gulf grain export facilities and also on the Texas cattle industry will get the attention of market traders to start this week. On Friday wheat futures posted more gains with the hard red spring wheat contract at Minneapolis leading the way. Brian Hoops of the Midwest Market Solutions in South Dakota, says concerns about Canadian spring wheat quality is one of the reasons. Hoops: "There has been decent commercial buying on the cool and wet weather in the spring wheat region and that was very supportive as well as the numbers from private firms that pegged the spring wheat production to be well below last month. About 49 million bushels less than last month." On Friday December Chicago wheat was up 1 1/4 cents at 3-33 ½. December corn down a penny at 2-07 1/4. Portland cash white wheat two to four cents higher at mostly 3-53. Club wheat 3-78. PNW HRW 11.5 percent protein higher at 4-59. Dark northern spring 14% protein higher at 5-26. Export barley 104 dollars a ton. Cattle futures made some new highs Friday ahead of the USDA Cattle on Feed Report. USDA pegged the feedlot inventory unchanged from a year ago, August placements down five percent and marketings up six percent. Friendly to neutral was the assessment of traders but they had been anticipating a friendly report. Cash fed cattle could be pressured by carryover supplies from last week. The impact of Hurricane Rita will also be assessed. Dec live cattle up 38 cents at 88-78. Nov feeders up 50 at 113-45. Nov Class III milk down three cents at 13-57. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.