09/01/06 Fund buying, possible exports help wheat

Marketline September 1, 2006 Wheat futures were higher Thursday led by Chicago where speculative buying was a feature. Some commentary suggests that in the short-term Chicago is now overbought. Here's what Peter Georgantones of Investment Trading Services in Minnesota, thinks. Georgantones: "I personally believe there is some business out there we are about to get in some our wheat markets. Just looking at things around the world we are not getting much help from the weather. It is still in Argentina. Dry in Australia. But I think the big news right now is we are going to be more demand driven, watching demand." Georgantones called the weekly export sales report yesterday at about 440-thousand metric tons not spectacular, but not a bad number. There is more moisture in the forecast for the U.S. southern Plains hard red winter wheat belt. On Thursday December Chicago wheat was up 5 ¾ cents at 4-22 1/4. December corn up 3 ¼ at 2-48. Portland cash soft white wheat four to five cents higher at 4-08. Club wheat 4-43. HRW 11.5 percent protein five to seven cents higher at 5-49. Dark northern spring 14% protein up four at 5-61. Most cattle futures contracts closed lower Thursday, October live cattle being an exception. There are divergent views on just which way the market is headed. Traders are expected to take their cue from cash fed cattle which may trade today. Oct live cattle up 20 cents at 93-13. Oct feeders down 65 at 116-50. Oct Class III milk down two cents at 12-94. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.