09/4/06 A market holiday

Marketline September 4, 2006 Futures exchanges and USDA market news are closed in observance of Labor Day today. Wheat futures were lower Friday as traders were squaring up positions and taking profits ahead of the long weekend. The overbought condition of Chicago wheat along with rain forecast for the southern Plains and weakness in corn also added pressure. Underlying support continues from dryness in Argentina and Australia and possible export demand from Iraq and India. USDA Market News in Portland says the trade believes soft white wheat is very low priced on the world market, in other words, hopefully that will attract some business. Soft white wheat exports for the marketing year are running ahead of last year at this time. Portland soft white wheat prices are running about 60-cents a bushel above a year ago. On Friday December Chicago wheat was down 2 ¾ cents at 4-19 ½. December corn down 2 ¼ at 2-45 ¾. Portland cash soft white wheat was steady at mostly 4-08. Club wheat 4-43. HRW 11.5 percent protein down seven cents at 5-42. Dark northern spring 14% protein two to three cents lower at mostly 5-58. No Portland barley bids. Live cattle futures were steady to higher Friday helped by higher cash fed cattle prices. That led to some new highs during the shortened session. Plains cattle sold late last Thursday and early Friday at 90 to 92-50. Reports that another Japanese supermarket chain was stocking U.S. beef was also supportive. Oct live cattle up 22 cents at 93-35. Oct feeders down 17 at 116-33. Oct Class III milk down 19 cents at 12-75. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.