12/01/05 Wheat, live cattle futures rally higher

U.S. wheat futures closed mostly higher Wednesday on late month-end speculative buying after dragging much of the session on fund-led losses. On Wednesday Chicago March wheat was up .04 at 3.20 ¾. Minneapolis wheat gained 7 ½ and Brian Hoops reports that Kansas City also rallied, closing up 7 cents on March contracts. Some export news helped too. HOOPS "Exports will be released (today). Estimates for wheat 300 to 500 thousand metric tons, beans 400 to 600 and corn 800 to one million. Iraq had purchased 200 thousand metric tons of US wheat. There have been rumors for weeks that they would be in the market that, today was the confirmation so we saw a little bit of a high opening followed by sell off as traders bought the rumors and sold the facts type of activity." March corn up 1 ¼ to 2.01 ¾. Portland cash white down one to 3.44. Club White mostly 3.92 Pacific Northwest HRW 11.5 percent protein up .07 mostly 4.60. Dark Northern Spring 14 percent protein up .05 mostly 5.22. Live cattle futures were higher on Wednesday. Futures climbed to new contract highs in the front three months, triggering a round of short covering into the close. December closed 60 points higher at $93.45. February live cattle 95.72 up .55. January feeders 116.90 down .30 January Class III milk at Chicago up .03 to 12.78.