09/26/06 Wheat futures lower; cattle mixed

Marketline September 26, 2006 Wheat futures were lower Monday. Favorable planting weather in the Plains and lagging exports contributed to the weakness. Weekly export inspections for wheat dropped to 16.7 million bushels, down from nearly 21 million last week and far below the 28 million bushels of a year ago. Marc Chiodo of Slipka Commodities at the Minneapolis Grain Exchange, says there just wasn't a lot of buying interest. Chiodo: "Buyers were kind of hard to find. Volume wasn't really great across any of the three pits. By mid-day things had gotten pretty quiet. We did rally off lows in the latter half of the day. That was mostly attributed to crude oil coming back to the plus side, getting back above $60. Actually above 61." On Monday December Chicago wheat was down 5 ¼ cents at 4-13 ¾. December corn down a half at 2-54 ¾. Portland cash soft white wheat steady to two cents lower at mostly 4-35. Club wheat 4-70. HRW 11.5 percent protein down 11 cents at 5-31. Dark northern spring 14% protein down seven at 5-29. No Portland barley bids. Cattle futures were mixed Monday in a low volume session. Front end months of live cattle were higher on support from last Friday's firm cash market while back months were mostly lower pressured by the bearish USDA Cattle on Feed report Friday. Oct live cattle up 62 cents at 90-72. Oct feeders down 37 at 114-67. Oct Class III milk down 12 cents at 12-58. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.