10/06/06 Wheat futures mixed; cattle higher

Marketline October 6, 2006 Wheat futures were mixed Thursday though Portland soft white wheat saw double digit gains off Wednesday's big rally in futures. Chicago December wheat hit a new high of $4.87 during the session but fell back to close near the day's low. Profit taking was cited and there was talk of the market being overbought. USDA's weekly export sales report was within trade expectations at just under 420-thousand metric tons. Stats Canada reported all wheat production of 26.29 million tons, slightly higher than expectations and up from a July estimate. There is now a drier forecast for Australia next week. Brazil is estimating a smaller crop than last year with imports higher than USDA's last forecast. And the Ukraine has imposed licenses on grain exports leading to talk that will mean exports will be blocked. On Thursday December Chicago wheat was down a penny at 4-64. December corn down 2/½ at 2-71 ¾. Portland cash soft white wheat 11-14 cents higher at mostly 4-77. Club wheat 5-07. HRW 11.5 percent protein unchanged to down a penny at 5-60. Dark northern spring 14% protein unchanged at 5-64. Cattle futures closed higher Thursday on speculation about this week's cash trade, of which there hasn't been much yet, short covering and fund buying. Feeder contracts were helped by higher live cattle and lower corn. Dec live cattle up 82 cents at 90-10. Nov feeders up 72 at 111-60. Nov Class III milk up three cents at 12-48. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.