10/30/06 Some export news for wheat

Marketline October 30, 2006 Wheat futures were mixed Friday but prices received support from news Egypt had purchased 60-thousand metric tons of U.S. soft white wheat, they also bought 60-thousand from Russia, and confirmation that Iraq had purchased 400-thousand metric tons of U.S. hard red winter wheat. Ryan Kelbrantz of ADMIS at the Minneapolis Grain Exchange has some of the other items in the news stream. Kelbrantz: "Weather wise Argentina looks pretty good. Chinese wheat areas are a little dry. And Australia continues to see drought conditions with showers seen the next couple of weeks but those will be too late to help out things. Harvest is beginning in parts of Queensland and the other areas will shortly follow." A new estimate from the Australian government Friday pegged the wheat crop down under at 9.5 million metric tons. That's pretty much what the U.S. trade is expecting. On Friday December Chicago wheat was up a penny at 5-08 ½. December corn up 5 ½ at 3-32 ½. Portland cash soft white wheat a penny higher at mostly 5-09. Club wheat 5-24. HRW 11.5 percent protein up a penny at 5-74. Dark northern spring 14% protein up one to two cents at mostly 5-85. It was a sharply lower close for both live and feeder cattle futures Friday. Higher corn futures was cited as a negative for both contracts. Traders also reacted to reports that feedlots weren't getting what they wanted from packers for fed cattle. Dec live cattle down 137 at 89-27. Jan feeders down 167 at 101-35. Dec Class III milk up 15 cents at 12-35. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.