01/06/06 Negative export news

01/06/06 Negative export news

Marketline January 6, 2006 There was disappointing news for U.S. wheat exports Thursday and that sent futures contracts lower. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says Egypt didn't buy any U.S. wheat. Hoops: "They ended up buying 320-thousand, 140 from Russia, 180 from Australia." The European Union also increased its export subsidy level from eight Euros to nearly 8 ½ Euros a ton. There were conflicting reports about Iraq reaching a deal with the U.S. to buy another million tons of U.S. wheat and the uncertainty proved negative. U.S. Wheat Associates says that for the calendar year 2005 white wheat exports were down 17 percent from the 2004. March Chicago wheat was down 6 ½ cents at 3-39 ¾. March corn down 2 ¾ at 2-15 ½. Portland cash white wheat down a penny at mostly 3-49. August new crop 3-55 to 3-63. Club wheat 3-97. PNW HRW 11.5 percent protein down a nickel at 4-61. Dark northern spring 14% protein lower at 5-17. Export barley 101 dollars a ton. Cattle futures hit some new highs Thursday but closed mixed. Contracts backed off their highs for the day on expectations for a weaker cash trade and a drop in boxed beef cutout values. Spreading was a feature of the action. Feb live cattle down 20 cents at 96-28. March feeders up 23 at 113-95. Feb Class III milk down 12 cents at 13-13. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.
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