12/13/05 Wheat futures jump; cattle mixed

12/13/05 Wheat futures jump; cattle mixed

Marketline December 13, 2005 Wheat futures closed higher Monday and Chicago was the leader. Analysts said the action was technical in nature and there was spillover support from corn and soybeans. Ryan Kilbrantz at the Minneapolis Grain Exchange says on the fundamental side, the weekly export inspection report was positive. Kilbrantz: "Export inspections for the week ending 12-8 totaled 26.99 million bushels. That was above trade estimates of 15-25 and we did have last week's inspections increased slightly to 20.5 million bushels." Another round of cold weather in the Plains later this week also provided some fundamental support. Argentina reported its wheat harvest is around 22 percent complete. Australia got some rain which will slow its harvest. On Monday March Chicago wheat was up 7 1/4 cents at 3-14 3/4. March corn up four at 2-07 3/4. Portland cash white wheat a penny higher at 3-41. Club wheat 3-89. PNW HRW 11.5 percent protein higher at 4-47. Dark northern spring 14% protein unchanged to lower at 5-06. No barley bids. Live cattle futures were higher Monday with feeders mixed in the wake of Japan's announcement its market is partially reopening to U.S. beef. Tyson Foods predicted resumption of sales to Japan will be slow and points out that the U.S. beef industry continues to struggle with a short supply of market ready cattle and a seasonal slow down in beef demand. Feb live cattle up 68 cents at 95-20. Jan feeders up 20 at 113-50. Jan Class III milk down 13 cents at 12-96. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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