09/27/05 Egypt disappoints U.S. traders

Marketline September 27, 2005 Wheat futures closed lower Monday. News that Egypt purchased wheat from Russia and France was a negative for prices. Though Joe Victor of Allendale says Monday's export inspection report from USDA was good. Victor: "Weekly inspections at 25 million was a little bit above the trade range of pre-report expectations. We have had bullish wheat exports that continue to be very support to this market." At least for Minneapolis and Kansas City, but not Chicago. Better harvest weather in Canada and weakness in corn and soybeans also weighed on wheat. Traders are also watching the clean up following Hurricane Rita as Texas ports handle most exports of U.S. hard red winter wheat. On Monday December Chicago wheat was down 4 1/4 cents at 3-29 1/4. December corn down 2 3/4 at 2-04 ½. Portland cash white wheat one to two cents higher at mostly 3-54. Club wheat 3-79. PNW HRW 11.5 percent protein lower at 4-62. Dark northern spring 14% protein unchanged to lower at mostly 5-22. Export barley 104 dollars a ton. Cattle futures put in some more highs Monday. Some analysts say the positive futures action suggests that cattle markets are on track to work moderately higher into late fall. Reaction to Friday's Cattle on Feed Report was muted. Dec live cattle up a dime at 88-88. Nov feeders down eight at 113-38. Nov Class III milk up three cents at 13-60. I'm Bob Hoff and that's Marketline on the Northwest Ag Information Network.