10/16/06 Export news helps wheat futures

Marketline October 16, 2006 Wheat futures closed higher Friday. USDA's weekly export sales report showed sales of over 692-thousand tons of wheat, a marketing year high, though much of that was the recent Iraqi purchase. Brian Hoops of Midwest Market Solutions in Yankton, South Dakota, says a 60-thousand ton sale of U.S. soft white wheat to Egypt was also supportive Friday. Hoops: "There are some traders disappointed with the small amount of U.S. wheat being purchased but overall we did take wheat of the world supply side with a big share by Egypt. So that was friendly for the market and gave us higher trade, although the trade was very volatile. These markets could set back at any time but do expect that they will remain fairly strong and on any weakness be fairly well supported." On Friday December Chicago wheat was up a dime at 5-25 ½. On the week Chicago December gained over 61 cents. December corn up 16 ¼ at 3-14 ½. Portland cash soft white wheat was steady to two cents higher at mostly 5-04. About a 26 cent gain on the week. Club wheat 5-34. HRW 11.5 percent protein 2-13 cents higher at mostly 5-90. Dark northern spring 14% protein one to eight cents higher at 5-83. Live cattle futures were mostly higher Friday but feeders, again under pressure from higher corn, were lower. Dec live cattle up 22 cents at 87-92. Nov feeders down 75 at 104-87. Nov Class III milk up a dime at 12-27. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.