09/28/06 Wheat futures mixed: cattle lower

Marketline September 28, 2006 It was a mixed close for wheat futures Wednesday with Chicago showing the best gains. Marc Chiodo of Slipka Commodities at the Minneapolis Grain Exchange says wheat was up in early trading on some positive fundamental news but then the buying dried up. Chiodo: "More commentary out of Australia that the crop is more like 13 million to 14 million metric tons as the weather continues to be unfavorable for growing. The Iraqi ag minister quoted as saying they will purchase U.S. wheat gave us a little boost. Also the fact that a cargo of wheat going from Russia to India was rejected on quality issues." USDA issues its weekly export sales report this morning and tomorrow there is the Quarterly Grain Stocks and Small Grains Summary. On Wednesday December Chicago wheat was up 1 ¼ cents at 4-24 ¼. December corn down 5 ¼ at 2-53 ¾. Portland cash soft white wheat two to six cents higher at mostly 4-42. Club wheat 4-82. HRW 11.5 percent protein mostly 5-41. Dark northern spring 14% protein mostly 5-43. Cattle futures were lower Wednesday in quiet trading. Traders are keeping a close eye on packer slaughter rates. There was a report that Japan has no interest in talks about further reducing their restrictions on U.S. beef imports which prompted some long liquidation. Dec live cattle down 25 cents at 90-02. Nov feeders down 77 at 112-50. Nov Class III milk unchanged at 12-47. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.