11/02/06 Corn helps wheat futures but not cattle

Marketline November 2, 2006 Wheat futures posted modest gains Wednesday. With the start of a new month the funds were buyers in corn and that spilled over to help wheat. Egypt also purchased 60-thousand tons of U.S. soft white wheat. There was some disappointment in Chicago that it wasn't soft red and that significantly more of the Egyptian buy, 150-thousand tons, went to Russia. Pakistan officials are indicating they will import 500-thousand tons of wheat in the next few weeks. USDA's weekly export sales report will be out this morning, but Mark Chiodo of Slipka Commodities at the Minneapolis Grain Exchange believes the funds will determine what happens. Chiodo: "Their November allocation of money seems to be rolling in and nobody wants to step in the way of it." On Wednesday December Chicago wheat was up 4 ½ cents at 4-87 ½. December corn up 12 ¾ at 3-33 ½. Portland cash soft white wheat was mixed at mostly $5. Club wheat 5-15. HRW 11.5 percent protein four to six cents higher at 5-64. Dark northern spring 14% protein six to 14-cents higher at mostly 5-82. Cattle futures were mixed Wednesday. Live pit traders were still awaiting cash market developments. Feeder contracts were said to have done well given the big jump in corn futures. Dec live cattle down 27 cents at 87-55. Jan feeders down seven at 101-42. Dec Class III milk up 15 cents at 13-15. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.