09/18/06 Wheat and cattle futures end losses

Marketline September 18, 2006 Wheat futures rebounded Friday and closed higher, finally halting the week's steep slide in prices. After a steady open the market dipped to daily lows in early trading but the weakness attracted short covering and bargain hunting, which turned the market higher. Traders suspect that index funds were active sellers in corn and wheat recently due to sharp losses in metals and energy markets and that selling in corn and wheat may be about complete. A lack of much rain in the forecast for Australia and rumors of Egyptian business and a visit by Iraqis to the U.S. added to the positive tone. Traders are hoping the recent price decline will attract some export business. On Friday December Chicago wheat was up two cents at 3-92 ½. December corn up 4 ½ at 2-41 ¾. Portland cash soft white wheat was steady to a penny lower at mostly 4-21. Club wheat 4-56. HRW 11.5 percent protein up four cents at 5-20. Dark northern spring 14% protein lower at 5-18. No Portland barley bids. Cattle futures also ended their decline Friday rebounding on short covering after being oversold. News that cash cattle traded at 88-50 helped stabilize the market. After futures closed packers upped bids to 89 which traders say may mean a higher open for nearby live cattle today. Oct live cattle up 88 cents at 90-13. Oct feeders up 72 at 116-03. Oct Class III milk down three cents at 12-37. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.