09/13/05 USDA report friendly for wheat

Marketline September 13, 2005 Negative reaction for corn and soybeans held wheat futures down in the early going Monday but contracts came back to post gains with the best advances at Kansas City. USDA's forecast of a 10.6 billion bushel corn crop was way above trade expectations. But USDA lowered U.S. wheat ending stocks by 10 million bushels from last month and lowered world stocks as well. Still, Peter Georgantones of Investment Trading Services in Bloomington Minnesota, says don't expect much excitement in wheat. Georgantones: "Again I don't see anything more than you know a short covering rally to play for in this market unless we start seeing some surprise business from a country we don't do business with very often. Otherwise we are just in a trading range affair here." On Monday December Chicago wheat was up 3/4 of a cent at 3-26 ½. December corn down 4 ½ at 2-11 ½. Portland cash white wheat steady to two cents higher at mostly 3-42. Club wheat 3-54. PNW HRW 11.5 percent protein higher at 4-41. Dark northern spring 14% protein up a penny at 4-88. Export barley lower at 104 dollars a ton. Cattle futures posted strong gains Monday with most feeder contracts setting new highs. Fund buying was cited and the lower feed grains helped feeder contracts. Oct live cattle up 80 cents at 85-63. Oct feeders up 70 at 113-88. Oct Class III milk up three cents at 14-48. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.