11/28/05 Trying to find a bottom in wheat

Marketline November 28, 2005 Wheat futures were fractionally mixed in a shortened trading session Friday with Kansas City and Minneapolis posting some gains. USDA did issue the weekly export sales report Friday and Peter Georgantones of Investment Trading Services in Bloomington, Minnesota, says the number for wheat was in line with trade expectations. Georgantones: "Not a great number but not an awful number, 455-thousand tons sold. I don't think there was a whole lot of volume in trading. We will see if we can post a bottom in this market and then go from there." Rain in the forecast for the central and southern Plains this week was a bearish factor. First notice day for deliveries against December contracts comes up this week. On Friday March Chicago wheat was down ½ cent at 3-12 1/4. March corn down 1 ½ at 2-02 3/4. USDA did not report Portland bids Friday. Last Wednesday Portland cash white wheat was steady to weak at mostly 3-41. Club wheat 3-86. PNW HRW 11.5 percent protein lower at 4-40. Dark northern spring 14% protein lower at 5-12. Export barley 103 dollars a ton. Cattle futures put in a strong performance Friday getting support from packers being short bought and ideas that avian flu concerns will increase demand for beef. Feb live cattle up 55 cents at 94-85. Jan feeders up 162 at 116-02. Jan Class III milk still at 12-77. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.