12/01/06 Export numbers help wheat futures

Marketline December 1, 2006 Wheat futures were sharply higher Thursday. Funds bought at the end of the month on technical buy signals. And Ryan Kilbrantz of ADM at the Minneapolis Grain Exchange, says the USDA export sales report was positive for wheat. Kilbrantz: "Coming in at 547,800 metric tons. That's 52% above last week and near the four week average. Estimates were calling for only 300-500-thousand tons. Major destinations include Japan, Italy and Egypt." Weakness in the U.S. dollar and strong gains in crude oil and gold were seen as helping wheat. A drier weather outlook for the U.S. Plains was also supportive. On Thursday Chicago March wheat was up a dime at 5-21 ½. March corn up 5 ¼ at 3-90 ½. Portland cash soft white wheat two to four cents higher at mostly 4-96. Club wheat also 4-96. HRW 11.5 percent protein eight to 11-cents higher at 5-96. Dark northern spring 14% protein 8-10 higher at 6-09. Live cattle futures were higher Thursday with feeder contracts lower. Month end buying and short covering were cited in the live pit with mention of weather disrupting cattle marketing. Higher corn pressured feeders. Feb live cattle up 70 cents at 89-10. Jan feeders down seven at 97-87. Jan Class III milk down 14 cents at 13-23. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network. Now this.