12/15/05 Funds buy wheat; more cattle highs

Marketline December 15, 2005 Wheat futures posted several cent gains Wednesday as funds were buyers. The higher close turns the near-term chart picture positive. Ryan Kilbrantz of ADMS at the Minneapolis Grain Exchange says funds were net buyers of 15-hundred contracts in KC, three-thousand in Chicago and five-hundred in Minneapolis. He says Informa Economics put out an estimate of U.S. winter wheat plantings of 41.8 million acres. Kilbrantz: "That number is slightly higher than 2005`s 40.3. According to U.S. Wheat Associates Cuba has agreed to purchase up to 500-thousand tons of U.S. wheat in 2006. Cuba usually purchases hard red winter wheat." Traders get the weekly USDA export sales report this morning. On Wednesday March Chicago wheat was up 5 1/4 cents at 3-23 3/4. March corn down 1 ½ at 2-07 1/4. Portland cash white wheat one to two cents higher at mostly 3-46. Club wheat 3-94. PNW HRW 11.5 percent protein higher at 4-54. Dark northern spring 14% protein higher at 5-05. No barley bids at Portland. Cattle futures put in more new contract highs Wednesday but closed mixed. Higher cash fed prices, 94-95 dollars, and fund buying provided support while some commercial selling and profit taking limited gains. Feb live cattle up 63 cents at 96-88. Jan feeders unchanged at 114-83. Jan Class III milk up four cents at 13-04. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.