09/08/06 Wheat bounces; cattle lower

Marketline September 8, 2006 Wheat futures closed higher across the board Thursday. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota says wheat got spillover support from corn. Hoops: "Wheat was a follower all session long. We started out a little bit softer and then started to rebound when corn rebounded. So we went and tested last week's lows, which held." Underlying the wheat market are continued concerns about tightening world stocks. Private forecasters in Australia see the crop down under dropping to near 16-17 million metric tons. USDA's last estimate of the Australian crop was 21.5 million tons. USDA updates world production and supply and demand next Tuesday and traders are anticipating a positive set of numbers. The weekly export sales report from USDA will be out this morning, delayed a day because of Monday's holiday. On Thursday December Chicago wheat was up 3 ¼ cents at 4-20 ¼. December corn up a nickel at 2-45 ¾. Portland cash soft white wheat two to four cents higher at mostly 4-14. Club wheat 4-49. HRW 11.5 percent protein six to eight cents higher at mostly 5-41. Dark northern spring 14% protein mixed at mostly 5-51. No Portland barley bids. Cattle futures were mostly lower Thursday as futures hit a round of profit taking on the recent climb to contract highs. Adding to the pressure were thoughts cash fed cattle will only be steady this week, not higher. Oct live cattle down 70 cents at 93-75. Oct feeders down 22 at 118-88. Oct Class III milk down two cents at 12-63. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.