10/12/06 Chicago limit up ahead of USDA report

Marketline October 12, 2006 Futures traders are looking for a friendly USDA supply and demand report for wheat this morning expecting a drop in world wheat production and reduction in U.S. wheat ending stocks. Wednesday Chicago December wheat was limit up again and Kansas City and Minneapolis near limit up in the nearby contract. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says the major news was again out of drought stricken Australia. Hoops: "The big news came out of the Australian Wheat Board as they announced they would be halting exports from the Australian east coast where most of their wheat is shipped. That is significant from the standpoint that one of our world's leading producers of wheat is now backing out of the export market. It leaves the door open for other countries to export a little bit more wheat." Like the U.S. On Wednesday December Chicago wheat was up 30 cents at 5-31. December corn up 8 ½ at 2-84. Portland cash soft white wheat steady to four cents higher at mostly 5-05. Club wheat 5-35. HRW 11.5 percent protein 24-26 cents higher at 5-88. Dark northern spring 14% protein 23 to 25 higher at 5-97. Live cattle futures were mixed Wednesday with most feeder contracts lower. Fed cash cattle trading developed yesterday a lower prices from 87 to 88-50. Feeders also got pressure from higher corn. Dec live cattle down 12 cents at 86-90. Nov feeders down 40 at 107-15. Nov Class III milk down 19 cents at 12-10. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.