10/21/05 A bounce for wheat futures

Marketline October 21, 2005 Wheat futures were higher Thursday as short covering supported the market. Fundamental buying was linked to ideas that the recent setback in wheat futures will attract an increase in export sales. Peter Georgantones of Investment Trading Services in Bloomington, Minnesota, wonders if some business isn't brewing. Georgantones: "We didn't get any confirmation nor were the export sales anything exciting. Only about 365-thousand sold. All in all I just think the market here was focused on maybe some business coming up. That's my best guess. We've had a pretty good correction the last three or four days." On Thursday December Chicago wheat was up 4 ½ cents at 3-32 1/4. December corn up a penny at 2-02 3/4. Portland cash white wheat generally steady at mostly 3-62. Club wheat 4-12. PNW HRW 11.5 percent protein higher at 4-59. Dark northern spring 14% protein higher at 5-07. Export barley 104 dollars a ton. Cattle futures were mixed Thursday. Lack of cash fed cattle action was cited. Beef cutouts were also lower early in the day though choice beef was up nearly five-dollars from a week ago. Thailand has lifted its ban on U.S. beef imports. USDA issues a Cattle on Feed Report this afternoon. Dec live cattle were up 13 cents at 90-55. Nov feeders down 25 at 115-93. Nov Class III milk down four cents at 13-84. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.