12/06/05 Wheat and cattle futures mixed

Marketline December 6, 2005 Wheat futures were mixed Monday on a late round of selling pressure. Joe Victor of Allendale Incorporated says there were some positives in the news stream. Victor: "Some extreme bitter cold temperatures in China may be doing some damage to their wheat crop. Iran has announced that they are going to need at least 400-thousand tons of wheat imported before March. Wheat inspections also very good." The weekly export inspections came in at 19.3 million bushels. U.S. Wheat Associates also reported that Iraq was inquiring about additional wheat supplies. Traders are also keeping an eye on some cold temperatures this week for part of the hard red winter wheat belt but most areas have snowcover. On Monday March Chicago wheat was up a half cent at 3-20 1/4. March corn up 3 ½ cents at 2-06 3/4. Portland cash white wheat steady to higher at mostly 3-43. Club wheat 3-88. PNW HRW 11.5 percent protein unchanged to lower at 4-56. Dark northern spring 14% protein mixed at 5-15. No bids on barley reported. Cattle futures were mixed Monday as traders looked for some fundamental news to provide direction. While boxed beef cutout values moved higher packer margins remain in the red. Deferred live cattle contracts did show strength. Feb live cattle down seven cents at 95-75. Jan feeders down 30 at 116-38. Jan Class III milk up six cents at 12-93. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.