08/17/06 Wheat futures mixed; cattle higher

Marketline August 17, 2006 Futures traders get USDA's weekly export sales report this morning and will also be watching for results of an Egyptian tender. Wednesday wheat futures were mixed with Kansas City the strongest on continuing talk about Iraq seeking wheat. Futures traders are saying the wheat market has shifted to demand outlooks from supply features and needs confirmation of fresh export business. Dry weather in the southern Hemisphere in Argentina and Australia has been supportive. Ryan Kelbrantz of ADM at the Minneapolis Grain Exchange has an update on Australia. Kelbrantz: "Australian wheat areas remain dry. They are going to see some scattered showers the next couple of days and into the weekend. Recent showers have improved conditions but more moisture is still needed." On Wednesday September Chicago wheat was down 5 ¼ cents at 3-71 ½. September corn down a half at 2-21 ½. Portland cash soft white wheat mixed at mostly 3-96. Club wheat 4-26. HRW 11.5 percent protein higher at 5-10. Dark northern spring 14% protein mixed at 5-36. Cattle futures were mostly higher Wednesday and spreading was again the dominant feature of trading. The cash fed cattle market tone is expected to remain firm this week. Tomorrow is USDA's monthly Cattle on Feed report. Oct live cattle up a dime at 91-80. Oct feeders up 20 at 116-83. Sept Class III milk down a dime at 11-80. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.