12/16/05 Weather and exports help KC wheat

12/16/05 Weather and exports help KC wheat

Marketline December 16, 2005 Wheat futures were higher at Kansas City Thursday but lower in Chicago and Minneapolis. Kansas City got strength from the weekly export sales report which favored hard red wheat and concerns about winterkill in the southern Plains. More cold is forecast for the crop there but forecast temperatures now are not as extreme and some snow is expected ahead of it. USDA reported weekly export sales at 712-thousand 700-tons. Ryan Kilbrantz of ADMS at Minneapolis says the Europeans increased their wheat export subsidy level. Kilbrantz: "E.U. increased it's wheat export subsidy from seven to eight euros on a little over 350-thousand tons of wheat. I look for range bound trade to continue into the holiday season. Funds remain heavily long and liquidation would likely test major support levels." On Thursday March Chicago wheat was down a nickel at 3-18 3/4. March corn down 2 ½ at 2-04 3/4. Portland cash white wheat steady to a penny higher at mostly 3-46. Club wheat 3-94. PNW HRW 11.5 percent protein higher at 4-55. Dark northern spring 14% protein lower at 5-05. No barley bids. Cattle futures were lower Thursday. Commodity fund liquidation was a factor on ideas that a near term market top is being put in place. Traders are also looking ahead to next week's Cattle on Feed report which is expected to be bearish. Feb live cattle down 67 cents at 96-20. Jan feeders down a dollar at 113-83. Jan Class III milk up 14 cents at 13-18. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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