10/02/06 Wheat futures mixed after USDA reports

Marketline October 2, 2006 Wheat futures closed mixed Friday. Although USDA's reports issued Friday were called negative to neutral for wheat some commentators don't think the numbers had much to do with Friday's action. An over bought condition and end of month and quarter positioning were cited. USDA did report all U.S. wheat production at 1.8 billion bushels and wheat stocks at 1.7, both slightly above trade expectations. Marc Chiodo of Slipka Commodities at the Minneapolis Grain Exchange sums up his expectations for this week. Chiodo: "Still waiting for some type of official Iraqi announcement. Could be that with higher prices they are holding off a little bit. It sure seems the whole world wants to be long something here in the food grain or feed grain, or both. And the markets are fairly perky here." On Friday December Chicago wheat was down 2 ½ cents at 4-43. December corn down 1 ¾ at 2-62 ½. Portland cash soft white wheat steady to three cents higher at mostly 3-54. Club wheat 4-89. HRW 11.5 percent protein lower at mostly 5-54. Dark northern spring 14% protein down four cents at 5-52. No Portland barley bids. Cattle futures were mixed Friday. Live contracts did rebound late on ideas the cash market would be firm and after the close higher cash trades were reported from 90-91 dollars. Dec live cattle up seven cents at 89-85. Nov feeders down 67 at 110-85. Nov Class III milk up a nickel at 12-55. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.