12/20/05 Wheat futures higher; cattle mixed

Marketline December 20, 2005 Speculative fund buying at Chicago helped wheat futures close higher Monday. Kansas City futures hit a one-month high. Winter damage to the hard red winter wheat crop is still a focus of traders there. The weekly export inspections report for wheat came in at the low end of expectations at 16 million bushels. Mark Chiodo of Slipka Commodities in Minneapolis says the key to the rest of the week will be what the funds decide to do. Chiodo: "I you really want to push the market this week, this is the week to do it because te volume is light, the population in the pits is light. There is not enough people to take on whatever you want to do. And the rumors of index money coming in after the first of the year why folks may want to get out of the way and maybe someone trying to push it that way. For now, we are on the plus side." On Monday March Chicago wheat was up 3 ½ cents at 3-23 1/4. March corn up 1 ½ at 2-08 3/4. Portland cash white wheat steady at mostly 3-45. Club wheat 3-92. PNW HRW 11.5 percent protein higher at 4-59. Dark northern spring 14% protein higher at 5-07. No Portland barley bids. Live cattle futures were mostly lower Monday with feeder contracts higher. Light profit taking was noted. Winter weather in the Plains and higher boxed beef values helped limit losses in live contracts. Undersecretary J.B Penn was in South Korea yesterday working on reopening that market to U.S. beef. Feb live cattle down 28-cents at 96-80. Jan feeders up 25 at 114-58. Jan Class III milk up 38 at 13-53. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.