09/12/06 Looking for friendly USDA report

Marketline September 12, 2006 USDA production and supply and demand reports may give grain markets their direction today. Ahead of the report Monday wheat futures were lower but closing near the day's highs. There was some disappointment that Egypt passed on a weekend tender and that India did not purchase any U.S. wheat in its tender. Weekly export inspections were also much less than anticipated. Still, Joe Victor of Allendale Incorporated, says they are bullish wheat over the next few months. Victor: "Allendale continues to favor a fairly bullish winter market this later winter into January-February as a result of declining crops in Australia and Argentina. No rain in sight for at least the next week and conditions there are fairly tough." On Monday December Chicago wheat was down 2 ½ cents at 4-13. December corn down 2 ½ at 2-43 ½. Portland cash soft white wheat one to three cents lower at mostly 4-16. Club wheat 4-52. HRW 11.5 percent protein unchanged to lower at 5-33. Dark northern spring 14% protein lower at 5-47. No Portland barley bids. Live cattle futures were lower Monday with feeder contracts mixed. There are ideas packers may cut the pace of slaughter due to negative operating margins. Contract rolling from October to December was a feature of Monday's trade. Oct live cattle down 45 cents at 91-85. Oct feeders down 38 at 117-85. Oct Class III milk unchanged at 12-29. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.