09/15/06 Another down day for wheat and cattle

Marketline September 15, 2006 Wheat futures posted more losses Thursday. The weekly export sales report from USDA for wheat came in at just 337,500 tons which was below trade expectations of 400-thousand to 600-thousand. Joe Victor of Allendale says traders didn't like that. Victor: "The poor export sales combined with essentially good planting weather for the hard red winter wheat belt viewed as being bearish. But good news is that there is still talk and chatter that the Iraqi Wheat Board is planning a visit to the U.S. to discuss the possibility of purchasing wheat." A lack of much rain in the forecast for wheat areas in Australia and Argentina failed to provide much support. On Thursday December Chicago wheat was down seven cents at 3-90 ½. December corn down a half at 2-37 ¼. Portland cash soft white wheat one to two cents lower at mostly 4-22. Club wheat 4-57. HRW 11.5 percent protein down seven cents at 5-16. Dark northern spring 14% protein down a nickel also at 5-16. No Portland barley bids. Cattle futures were lower again Thursday on fund selling, falling boxed beef values and speculation that cash fed cattle will be lower this week. Oct live cattle down 108 at 89-25. Oct feeders down 145 at 115-30. Oct Class III milk up a nickel at 12-40. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.