10/03/06 Wheat and cattle futures start Oct higher

Marketline October 3, 2006 Wheat futures posted modest gains Monday but closed well off the day's highs in what was thought to be profit taking. A hot and dry forecast for the central and southern U.S. plains along with a dry forecast for some of Australia's wheat growing areas helped wheat futures put up gains early in the session. The weekly export inspections were still lagging a year ago, but the trade is beginning to sense that world buyers will eventually run out of alternatives and be forced to come to the United States for wheat. USDA reported Monday afternoon that 54 percent of the U.S. winter wheat crop has been planted, just two points behind average. Twenty five percent of the crop has emerged, also two points behind average for now. On Monday December Chicago wheat was up three cents at 4-46. December corn up 5 ¼ at 2-67 ¾. Portland cash soft white wheat three to four cents higher at mostly 4-58. Club wheat 4-98. HRW 11.5 percent protein unchanged to higher at 5-56. Dark northern spring 14% protein four to six cents higher at mostly 5-57. No Portland barley bids. A late Friday rally in the fed cash cattle market helped cattle futures close higher Monday. Boxed beef was also higher yesterday. Gains in feeder contracts were limited by gains in corn futures. Dec live cattle up 65 cents at 90-50. Nov feeders up 35 at 111-20. Nov Class III milk down 15 cents at 12-40. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.